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Rupee continues to devalue as the dollar rises to new high
KARACHI: The rupee continued to depreciate on Friday, with the dollar reaching a new high of Rs 177.71 in the interbank foreign exchange market, according to traders.
In the interbank foreign exchange market, the rupee closed 10 paise lower at Rs 177.71 against the dollar, lower than the previous day’s close of Rs 177.61, the previous record low for the local currency.
According to traders, demand for dollar for import payments remained stable. He said that even better foreign exchange reserves have failed to strengthen the local currency.
According to the State Bank of Pakistan (SBP), the country’s foreign exchange reserves increased to 25 25.15 billion in the week ended December 3, 2021, from 22 22.499 billion in the previous week.
The Saudi Fund for Development (SFD) deposited money with the SBP a week ago, which played a key role in boosting foreign reserves.
According to dealers, high commodity prices in international markets and rising domestic demand are driving up the demand for dollars for import payments.
During the first five months of the fiscal year 2021-22 (July-November), the import bill increased by 69.17% to 32 32.93 billion, from 19 19.47 billion in the previous fiscal year.
The huge trade gap was widened by rising import costs. In the first five months of the current financial year, the trade imbalance increased by 112% to 20 20.59 billion, from 9. 9.72 billion in the previous year.
The rupee remained under pressure during the current financial year. Comparing the exchange rate of Rs. 157.54 on June 30, 2021 with the closing rate of Rs.
However, at 3:35 pm PST, the buying and selling of the dollar in the open market registered at Rs 178.60 / Rs 180.35.