The dollar hit exactly four-month high to rupee on Wednesday as the local currency depreciated by another 34 paisas (-0.21 percent) against the greenback in the inter-bank on Wednesday.
According to the State Bank of Pakistan, the US dollar opened at Rs158.19 and closed at Rs158.53. Last time, the dollar was seen at Rs158.52 on February 23, 2021. Within the open market, the US dollar was traded at Rs158.50/159.
Pakistani rupee shed Rs1.64 against the US dollar during the last three days. However, the local unit has gained Rs10.51 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs1.36 in 2021.
The currency experts said that the dollar is gaining strength globally. They said that owing to demand for import and corporate payments, the rupee remained under pressure. They said that better economic activities and upward movement in international commodities are exerting pressure on the rupee.
They said that there is an increasing demand for the dollar in the market. They said as the fiscal year 2020-21 is ending on June 30, the demand for the foreign currency is high as corporate entities repatriate profit and dividends. They added that the rupee may remain under pressure by the end of this month.
