Dollar nears Rs166 as rupee sheds 34 paisa


Pakistan rupee weakened by 34 paisas (-0.20 percent) against the US dollar in the interbank on Monday.

According to the State Bank of Pakistan, the US dollar opened atRs165.62 and closed at Rs165.96. Within the open market, the rupee was traded at Rs165.50/166.50 per dollar.Overall, Pakistani rupee shed Rs1.44 against the US dollar during the last week, while depreciation during the fiscal year 2021-22 has been Rs8.60. The local unit has shed Rs5.77 against the US dollar in the current year 2021.

According to currency experts, the demand for dollars remained high during the day as the market opened after two weekly holidays.

They said the dollar rebounded owing to higher demand for import payments. They said the external payments pressure would continue to haunt the local currency in the coming days.

They said that delay in payments from Afghanistan against Pakistan’s export created pressure on the rupee. —TLTP


Previous article15 PCGA CEC members elected unopposed
Next articleChina release courier industry annual report for 2020