Dollar hits nine-month high at Rs164 in interbank
- By Anjum Wahab -
- Aug 03, 2021
KARACHI: The rise of the United States (US) dollar in the interbank against the Pakistani rupee continued on Tuesday as it touched the Rs164 mark, the highest since October 2020, ARY NEWS reported.
The nine-month high rate of the US dollar was reported in the interbank after the greenback witnessed an increase of Rs0.33 against the Pakistani rupee.
Interbank closing #ExchangeRate for today:https://t.co/Fwvtvi0uII pic.twitter.com/s4w9uQ6ZGe
— SBP (@StateBank_Pak) August 2, 2021
Economic experts 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.