Dollar reaches Rs177.50

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There was no respite from the declining rupee as Pakistani currency hit a new all-time low of Rs177.43 against the US dollar in the inter-bank market on Wednesday as demand for the foreign currency stood higher compared to its supply in the wake of an increase in import payments.

According to the data released by the State Bank of Pakistan, the local currency closed at Rs176.79 against the greenback on Tuesday.

The rupee has maintained the downtrend for the past seven months. It has lost 16.52% (or Rs25.16) to date, compared to the 22-month high of Rs152.27 recorded on May 14.

With a fresh decline of 0.36%, the rupee has depreciated by 12.62% (or Rs19.89) since the start of the current fiscal year on July 1, 2021.

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