Dollar touches highest ever mark at Rs175.27 in inter-bank trade

According to the State Bank of Pakistan (SBP), the Pakistani rupee continued to lose its ground against the US dollar for the second consecutive session in the inter-bank market depreciating by -0.48% to close the day’s trade at Rs175.27. 

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. 

Interbank closing #ExchangeRate for today: https://t.co/8wMpfjoCFT pic.twitter.com/gIzG5RvOou

— SBP (@StateBank_Pak) October 26, 2021

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 Rs166.23 against the greenback last year in August 2020.