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Dollar makes new record high of Rs177.43 in interbank market

Dollar makes new record high of Rs177.43 in interbank market

Dollar makes new record high of Rs177.43 in interbank market

Pakistan plans to borrow $3 billion from China and $2 billion from Russia and Kazakhstan—Representative image: File

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KARACHI: The dollar recorded another high of Rs177.43 against the rupee at the closing of interbank foreign exchange market on Wednesday.

The large import bill remained a major threat to the rupee stability, currency dealers said. The exchange rate witnessed a loss of 64 paisas in the rupee value against the dollar from the previous day’s closing of Rs176.79, which was the previous low of the rupee, in the interbank foreign exchange market.

According to the latest official data of the Pakistan Bureau of Statistics (PBS), the import bill of the country surged 69.17 per cent to $33 billion during the first five months (July-November) 2021/22, compared with $19.47 billion in the corresponding months of the last fiscal year.

The large imports also widened the trade deficit sharply. The trade deficit during the months under review widened 112 per cent to $20.59 billion, compared with the deficit of $9.72 billion in the corresponding period of the last fiscal year.

To support the rupee, the government is considering measures to curtail imports. The dealers said the government should take concrete steps to discourage import of luxury and non-essential items.

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The rupee remained under pressure since the start of the current fiscal year. The local currency fell Rs19.79, or 12.62 per cent, from June 30, 2021 closing of Rs157.54 to the closing of Rs177.43 on December 8, 2021.

In the open market, the buying and selling of the dollars was recorded at Rs177.75/Rs179.25 at 3:30PM PST.

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Dollar touches historic high at midday in interbank market
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