US dollar sets new record against rupee

KARACHI: The United States (US) dollar appreciated further to touch a new record high against the Pakistani rupee in early trade in the interbank currency market on Thursday.

According to forex dealers, the greenback appreciated by 37 paisas to Rs177.80 against the domestic unit, compared to the previous close of Rs177.43.

Also Read: ‘Good news’: SBP gets $3 billion from Saudi Arabia

In the open market, however, the dollar is trading at Rs178.80 against the rupee.

The recent $3 billion inflow from Saudi Arabia doesn’t seem to have a positive impact on the exchange rate.

Last week, the kingdom deposited $3 billion with the State Bank of Pakistan (SBP) under a support package to shore up the country’s foreign reserves.

Though the Saudi deposit has improved the SBP reserves but failed to stop the rupee’s fall against the greenback.

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Economic experts are of the view that the rising demand for the dollar has neutralised the positive impact of the Saudi package on the rupee.