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Rupee falls to a record low of Rs176.42 per dollar
KARACHI: The rupee fell by 94 paise against the dollar on Thursday to a record low of Rs 176.42 on Thursday due to huge trade deficit in the first five months of the current financial year.
The interbank foreign exchange market closed at 175.48 on Wednesday. Earlier, on November 29, 2021, the rupee had touched a record low of 176.20 against the US dollar.
According to reports, the country’s largest ever monthly trade imbalance in November 2021 is 1 5.1 billion.
Exports and imports in the first five months of the current fiscal year stood at 12 12.4 billion and 33 33.1 billion, respectively.
During the study period, trade imbalances increased by 117% year-on-year to 20 20.8 billion.
According to a survey by Topline Securities, the rupee could fall further next year, with participants expecting the local currency to trade between Rs 180 and Rs 185 per dollar.
After the policy rate hike and the signing of a درمیان 3 billion space agreement between the SBP and the Saudi Development Fund (SDF) with the central bank, the market expected the rupee to recover. Significant imports, however, countered the SBP’s efforts on the external front.
The rupee has been under pressure since the beginning of the current financial year. It fell from Rs. 157.54 on June 30, 2021 to Rs. 18.88 or 11.98% from Rs. 176.42 on December 2, 2021.
Meanwhile, at the time of filing this report, the buying and selling of dollar in the open market was recorded at Rs 176.50 / Rs 178.