Dollar touches historic high at midday in interbank market

KARACHI: The Pakistani rupee plunged to a historic low as the dollar crossed Rs177 at the midday trading in the interbank exchange market on Friday.

The local currency declined 88 paisas against the greenback, which is being traded at the historic high of Rs177.30 at midday.

The exchange market closed at the historic low of Rs176.42 on Thursday, December 2, 2021.

Read more: Further rupee depreciation, hike in key policy rate expected in 2022

The import bill of Pakistan recorded a hike in November 2021, as the country witnessed a growth of more than 82 per cent in imports on a year-on-year basis.

The dealers said the depreciation in the local currency comes, as the country’s trade deficit is expanding with the import bill in November reaching $7.8 billion.

The local currency declined against the foreign currency, as the country’s trade deficit widened 68.6 per cent with imports to reach $32.851 billion during the first five months (July-November) of FY 2021/22.