Rupee further weakens against US dollar in interbank
- By Anjum Wahab -
- Aug 30, 2021
KARACHI: Pakistani rupee on Monday continued its losing streak against the United States (US) dollar in the interbank after shedding another 34 paisa against the greenback, ARY NEWS reported.
According to forex dealers, the US dollar rose by 34 paisa in the interbank before the mid-day and stood at Rs165.96.
Interbank closing #ExchangeRate for today:https://t.co/QCXEUtD8ri pic.twitter.com/mPYpMSTHCm
— SBP (@StateBank_Pak) August 30, 2021
The greenback saw an increase by Rs1 in the interbank on August 25 to close at an 11-month high against the rupee. “The US dollar now stands at Rs166.20 against Pakistani rupee,” the dealers in the forex market said.
Economic experts have previously attributed the spike in the dollar value to strong demand saying imports and debt repayment were pushing the greenback’s price in the interbank market.
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.
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The local unit rose by 6.2 percent or Rs10.51 against the US dollar in the currency market during the fiscal year 2020-21 that ended on June 30.