Dollar soars to Rs176.65 in intraday trade, reaches new high

Greenback value against rupee stands where pound did few months ago

The Pakistani currency plunged to an all-time low of Rs176.65 against the US dollar during intraday trading on Thursday.

In the interbank market, the local currency was available at Rs176.42 whereas in the open market, the greenback’s selling rate was recorded at Rs177.50 and buying rate at Rs177.

According to the State Bank of Pakistan (SBP), the local currency was traded at Rs175.48 on Wednesday. The rupee had last dropped to a record low of Rs176.20 against the US currency on November 29.

The latest depreciation comes a day after the country reported its highest-ever monthly trade deficit of $5.1 billion during the month of November.

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Market analysts have attributed the record decline in the rupee’s value to the ever increasing import bill, widening trade deficit, dwindling forex reserves and the delay in arrival of funds worth $3 billion from Saudi Arabia under a support package which was expected to be received last week.

According to the central bank’s data, the rupee has maintained the downtrend for the past six months. It has lost 15.85 per cent or Rs24.15 to date, compared to the 22-month high of Rs152.27 recorded on May 14.

With a fresh decline of 0.53pc, the rupee has depreciated by 11.98pc or Rs18.88 since the start of the current fiscal year (FY22).

 

 

 

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