Dollar hits one-year high at Rs167.63 in Pakistan

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Dollar

KARACHI – The Pakistani rupee continued to depreciate against the United States dollar in the inter-bank currency market on Tuesday.

The local currency closed at Rs167.63 against the greenback, registering depreciation of 40 paisa over the previous close of Rs167.23.

As the upward trend continues, rhe US dollar has touched one-year high mark as it had closed at Rs167.43 on August 28 in 2020.

Since May 2021, the dollar appreciated by 10% as it hovered around Rs152.28 on May 7. During the five months, the greenback increased by Rs15.57.

The appreciation in the dollar would increase debt pressure by Rs1,800 billion.

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