Rupee hits nine-month low at 163.35

The rise of the United States (US) dollar in the interbank against the Pakistani rupee continued on Monday as it crossed the Rs163 mark.

According to details, the US dollar was traded at Rs163.05 in the interbank after witnessing an increase of Rs0.62 on the first day after the weekend when it was traded at Rs162.

The Pakistani rupee had touched an all-time low of 168.43 against the greenback last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April, 2021. However, it has since been on a decline, facing a downturn for the past week after the central bank announced that the current account deficit would widen to 2-3 per cent of GDP in current fiscal year 2021-22 (FY22) compared to 0.6pc in FY21.

The drop would be seen on the back of surge in imports, SBP said.

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