Dollar hits historic high at Rs173 in interbank market

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KARACHI, (Parliament Times): The US Dollar continued its surge against the rupee on Monday, rising to a historic high of Rs173 in the interbank market.

The Pakistani rupee continued to weaken, shedding an additional 82 paisas against the US dollar, which was being traded at Rs173 during intra-day trading in the inter-bank market. Meanwhile, additional pressure on Pakistani currency was created due to no timeframe determined for the conclusion of talks between the Pakistani officials and the International Monetary Fund. On August 26, 2020, the dollar hit Rs168.43. Then it started declining and reached Rs151.83 on May 14, 2021.

However, the greenback started rising and has appreciated by 6.6 per cent and 9.9pc since June and May 14, 2021, respectively. The State Bank of Pakistan (SBP) had indicated earlier that the dollar could appreciate during the current financial year due to an expected higher current account deficit.