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Pakistan

New record as greenback surges to Rs176.65 in interbank

The steep rise in trade deficit is said to be major factor behind weakening of the local unit.

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New record as greenback surges to Rs176.65 in interbank
GNN Media: Representational Photo

The Pakistan rupee witnessed historic plunge on Thursday as the value of US dollar reached an all-time high against local unit again on Thursday.

The greenback soared to Rs176.65 in the interbank market during intraday trading. The dollar, however, was settled at Rs176.42 at the closing of trading with 0.53% depreciation.

According to the Forex Association of Pakistan (FAP), the dollar appreciated by Rs1.35 against the rupee at around 2:15pm to reach a new high in the interbank market against the backdrop of a steep rise in Pakistan's trade deficit.

In the open market, the greenback's selling rate was recorded at Rs177.50 and buying rate at Rs177 at around 3:40pm.

A delay in the arrival of funds from Saudi Arabia as part of a recently revived support package and the country's rising import bill were contributing factors in lowering the rupee's value.

 

 

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