Dollar hits 9-month high of Rs161.48

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Pakistan rupee continued the losing streak against the US dollar on Monday and shed another Rs1.54 (-0.95 percent) in the interbank.

This has been the lowest level of the local currency against the greenback since October 23, 2020. Ac-cording to the State Bank of Pakistan, the US dollar opened at Rs159.94 and closed at Rs161.48.

Pakistani rupee shed 77 paisas against the US dollar during the last week, while depreciation during the fiscal year 2021-22 has been Rs3.94. The local unit has shed Rs1.39 against the US dollar in the current year 2021.

Currency experts said that demand for dollar re-mained high owing to three holidays announced by the government for Eid-ul-Azha.

They said the ru-pee is under pressure because of holidays in the Middle East and a shortened week in Pakistan, re-sulting in no remittances.

They further said that there are two working days in Pakistan this week while the Gulf market will re-main closed for the whole week. This means no remittances are expected from Middle Eastern coun-tries. —TLTP

 

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