US dollar reaches all-time high against Pakistan rupee

KARACHI: The United States Dollar (USD) has reached an all-time high in the country against the Pakistani rupee after it rose by Rs0.47 in the interbank on Monday, ARY NEWS reported.

On the first day of the week, the US dollar shot to Rs178.98 from Rs178.51, after witnessing a rise of Rs0.49. The dollar at one time during the day in the interbank touched the Rs179 mark.

Interbank closing #ExchangeRate for today:https://t.co/NICBJkXUWu pic.twitter.com/7cJ95HvBsr

— SBP (@StateBank_Pak) March 14, 2022

Interbank closing #ExchangeRate for today:https://t.co/14s8dslve8 pic.twitter.com/mAGsLqjvNZ

— SBP (@StateBank_Pak) March 11, 2022

On March 09, the US dollar soared to an all-time high against the Pakistani rupee in the interbank market with forex dealers saying that the value of the greenback surged by 0.2 paisa to close at Rs178.63 in the interbank market, hitting an all-time high.

In the open market, however, the dollar is trading at Rs180 against the rupee.

Interbank closing #ExchangeRate for today:https://t.co/R2ZGSZ2CJa pic.twitter.com/CknbJInrcN

— SBP (@StateBank_Pak) March 9, 2022

It is pertinent to mention here that foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $250 million to $16.212 billion during the week that ended on March 4, according to data shared by the central bank.

The SBP said the central bank’s reserves were recorded at $16.212 billion, down $250 million compared to $16.462 billion on February 25.

It said the reserves declined due to due to external debt and other payments.

Overall reserves held by the country, including net reserves of commercial banks, stood at $22.668 billion as of March 4, 2022, the SBP said. Net foreign reserves of banks amounted to $6.456 billion.