Dollar hits historic high at Rs173 in interbank market

Karachi: The US Dollar continued its surge against Pakistani rupee on Monday, rising to a historic high of Rs173 in the interbank market.

According to the State Bank of Pakistan (SBP), the Pakistani rupee continued to lose its ground against the US dollar in the inter-bank market depreciating by 82 paisas to close the day’s trade at Rs173 at 12:37pm compared to the previous session's close of 171.18. 

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 rising in the dollar rate in Pakistan on Tuesday is the increase in import bills.

Earlier Pakistani rupee had touched an all-time low of Rs171.20 against the greenback last year in August before recouping some losses to hit a 24-month high of Rs152.95 in April 2021.