US dollar soars to highest ever mark against Pakistani rupee

KARACHI: The United States (US) dollar touched its highest ever mark at Rs170 against the Pakistani rupee in the inter-bank currency market on Tuesday, reported ARY News.

According to forex dealers, the greenback is trading at Rs170 against the local currency after registering appreciation of 40 paisas.

Economic experts say rising demand for the dollar from importers is drawing up its value.

On Monday, the dollar saw an all-time inter-day high of Rs169.65 before closing at Rs169.60 against the greenback.The rupee registered depreciation of 52 paisas over Friday’s close of Rs169.8, according to the State Bank of Pakistan (SBP).

The rupee skidded to a record low of Rs169.12 on Sept 16 before recouping some losses after the intervention of the central bank.

The dollar has appreciated Rs17.32 against the rupee over the past four months.