Rupee loses 39 paisas to dollar at interbank opening

KARACHI: Pakistani rupee declined by 39 paisas against the dollar in early trade at the interbank foreign exchange market on Friday.

The dollar is being traded at the historic high of Rs178 at the opening of the interbank market.
The exchange rate ended as the local currency hit a historic low of Rs177.61 on Thursday, December 9, 2021.
Currency dealers said that the rupee deteriorated due to the expected large deficit of the current account and the rising dollar demand for import payments.

Read more: Rupee free-fall continues; dollar jumps to new high

They said that the lack of positive news from the external front regarding inflows maintained the panic buying for the dollars, adding that all the measures taken by the central bank to support the local currency yielded no results.
Last week, the Saudi Development Fund (SDF) placed an amount of $3 billion with the SBP to support Pakistan to manage the balance of payments position. However, during the current week, the dollar demand remained buoyant.
The buying and selling of the dollar at the open market was recorded at Rs178.5 and Rs180.25.