Business
Dollar hits 11-month high to surpass Rs166 in interbank
Karachi: US dollar on Tuesday jumped 43 paisa in the inter-bank market to be traded at Rs166.39, weakening rupee by 0.26%.
According to State Bank of Pakistan (SBP), Pakistani rupee continued to lose its ground against the US dollar for the second consecutive session in the inter-bank market depreciating by 0.26% to close the day’s trade at Rs166.39.
The demand for dollars continues to be strong owing to the pressure from importers on the back of a strong economic recovery, pushing the domestic currency lower, experts said.
Traders associated with the Forex market say the main reason for rise in the dollar rate in Pakistan on Tuesday is the increase in import bills.
Earlier Pakistani rupee had touched an all-time low of Rs168.43 against the greenback last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April 2021.