Dollar to Pkr The dollar continues to rise closing at an all time high

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Dollar to Pkr The dollar continues to rise closing at an all time high

KARACHI: At the close of the interbank foreign currency market on Monday, the dollar hit a new high of 177.89 versus the rupee, according to traders.

In the interbank foreign exchange market, the rupee lost 18 paisas to close at Rs177.89 versus the dollar, down from the previous trading day’s closing of Rs177.71, the previous record low of the local currency.

According to traders, the country’s expanding import bill is worsening the trade gap, causing the local currency to depreciate. Pakistan received a $3 billion deposit from the Saudi Development Fund (SDF) to help manage the country’s balance of payments, but it has done nothing to help the local currency.

They claim that increased commodity prices on foreign markets and growing local demand are driving greater demand for dollars for import payments.

During the first five months (July-November) of the fiscal year 2021-22, the import bill grew by 69.17 percent to $32.93 billion, up from $19.47 billion in the previous fiscal year.

The country’s foreign currency reserves increased to $25.15 billion in the week ending December 3, 2021, from $22.499 billion the previous week, according to the State Bank of Pakistan (SBP).

The enormous trade gap was compounded by the soaring import cost. The trade imbalance grew 112% to $20.59 billion in the first five months of this fiscal year, compared to $9.72 billion the previous year.

At 3:45 p.m. PST, however, buying and selling of the dollar were registered at Rs179 and Rs180.5 on the open market.

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