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US dollar continues to rise against Pakistani rupee

According to State Bank of Pakistan (SBP), the local currency was trading at Rs176.92 against the greenback in the interbank market

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US dollar continues to rise against Pakistani rupee
GNN Media: Representational Photo

Karachi: The Pakistani rupee continued to lose ground and fell to Rs176.92 against the US dollar in the inter-bank market on Thursday following a fresh depreciation of Rs0.18 (0.10%).

According to the State Bank of Pakistan (SBP), the local currency was trading at Rs176.92 against the greenback in the interbank market.

The local currency closed at Rs176.74 in the inter-bank market on Wednesday. The demand for the dollar continued to be strong due to pressure from importers on the back of a strong economic recovery, pushing the domestic currency lower.

With a fresh decline of 0.10%, the rupee has depreciated by 12.30% (or Rs19.38) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

It is pertinent to mention here that the local unit hit an all-time low of Rs178.24 on December 29.

 

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