US dollar crosses Rs166 mark amid surge in import bill

KARACHI: The upward trajectory of the United States (US) dollar against Pakistani rupee continued Tuesday as the greenback crossed the Rs166 mark in the interbank, ARY NEWS reported.

The dollar on Tuesday jumped 19 paisa in the interbank to be traded at Rs166.55.

The economic experts have termed a rising trend of the imports and purchase of COVID vaccines as the major reasons behind the increase in the value of the greenback.

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.

Interbank closing #ExchangeRate for today:https://t.co/QCXEUtD8ri pic.twitter.com/mPYpMSTHCm

— SBP (@StateBank_Pak) August 30, 2021

According to forex dealers, the US dollar rose by 34 paisa in the interbank before the mid-day and stood at Rs165.96.

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.

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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.

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.