US dollar surges past Rs175 mark

KARACHI: The United States (US) dollar surged past the Rs175 mark against the Pakistani rupee in the interbank currency market on Tuesday.

According to the State Bank of Pakistan (SBP), the greenback closed at Rs175.27 against the local unit, appreciating 84 paisas or 0.48% over the previous close of Rs174.43.

Interbank closing #ExchangeRate for today: https://t.co/8wMpfjoCFT pic.twitter.com/gIzG5RvOou

— SBP (@StateBank_Pak) October 26, 2021

The rupee’s slide against the US dollar continues despite a number of measures introduced by the State Bank to ease the pressure on the exchange rate.

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Earlier, SBP Governor Reza Baqir created quite a stir on social media after he defended the rupee depreciation saying it benefited overseas Pakistanis and claimed that inflation in the country was artificial and would be controlled.

He said rising exchange rate has led to price hike.