The Pakistani rupee continued to slide on Friday as the currency dipped to a fresh all-time low at Rs 176.77 against the US dollar in the inter-bank market. As per reports, the local currency was trading at Rs176.80 to 176.90 against the greenback in the interbank market while banks were offering upwards of 177.30 to clients. A day earlier, the value of US dollar had soared to Rs176.65 in the interbank market during intraday trading. According to the Forex Association of Pakistan (FAP), the dollar had appreciated by Rs1.35 against the rupee at around 2:15pm to reach a new high in the interbank market against the backdrop of a steep rise in Pakistan’s trade deficit. In the open market, the greenback’s selling rate was recorded at Rs177.50 and buying rate at Rs177 at around 3:40pm. Exchange Companies Association of Pakistan General Secretary Zafar Paracha had attributed the record decline in the rupee’s value to the delay in the arrival of funds from Saudi Arabia as part of a recently revived support package and the country’s rising import bill. FAP President Malik Bostan had also held the rising import bill and and widening trade deficit responsible for the dollar’s rise. He had said the import bill had increased to $33 billion, fuelling a persistent increase in the country’s trade deficit. Moreover, he added, remittances were also declining. “This is increasing the pressure on the rupee,” he explained.
Dollar continues to rise against Pakistani rupee
The Pakistani rupee continued to slide on Friday as the currency dipped to a fresh all-time low at Rs 176.77 against the US dollar in the inter-bank market. As per reports, the local currency was trading at Rs176.80 to 176.90 against the greenback in the interbank market while banks were offering upwards of 177.30 to […]
