KARACHI: The upward trajectory of the United States (US) dollar continued on Wednesday after it touched the 11-month high rate against the Pakistani rupee in the interbank, ARY NEWS reported.
According to forex dealers, the greenback saw an increase by Rs1 in the interbank today 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.
Interbank closing #ExchangeRate for today:https://t.co/CANWwNzTsT pic.twitter.com/S0k8WeHcK3
— SBP (@StateBank_Pak) August 24, 2021
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.
