US dollar rises to historic high against Pakistani rupee; crosses Rs177 mark

US dollar rises to historic high against Pakistani rupee; crosses Rs177 mark

ISLAMABAD (NNI): There was no let-up in the continuous surge of the US dollar after the greenback once again rose to a historic high against the Pakistani rupee in the inter-bank trading on Friday.
The US dollar for the first time in Pakistani history crossed the Rs177 mark registering an 88-paisa gain as the traders took positions in the market. According to the forex dealers, after the fresh increase, the greenback was now trading at Rs177.30 up from Rs176.42.
According to banking experts, the foreign reserves of the State Bank of Pakistan have dwindled to $16 billion after a reduction of $240.38
million.
Banking expert Asad Rizvi said that on May 7, 2021, the rate of dollar was Rs152.28 in the inter-bank trading. In less than 7 months, the dollar has become costlier by Rs24.72.
He said that the trade deficit was ballooning because of the ever-rising import bill. The rupee is under pressure due to $7.84 billion import bill in November 2021,
he opined.

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