US dollar shatters all records against Pakistani rupee

The US dollar, that shattered all previous record with an increased of Rs1.65 reached Rs204 for the first time in the Pakistan history in interbank trading, closed at Rs203.86 with an increase of Rs1.51, reported 24NewsHD TV channel.

The US dollar on the first business day of the week initially lost 35 paisas against Pakistani Rupee to reach Rs202 from Rs202.35 but around 10:30am, the US dollar gained 65 paisas and reached the mark Rs203. After than it gained Rs1.61 against local currency.  

Interbank closing #ExchangeRate for todayhttps://t.co/T39dvLv98n pic.twitter.com/rVQMdAIsoX

— SBP (@StateBank_Pak) June 13, 2022

The previous week's close was Rs202.35.

Experts said that the local currency is expected to remain on the back foot in the this week in view of the high dollar demand for import payments ahead of fiscal year-end.

The local currency was volatile, having swung between 200.06 to a new record low of 202.83 per dollar in last week. 

Experts termed widening current account deficit and fast-depleting foreign exchange reserves are factors behind the US dollar rise and pressure on the local currency. 

Interbank closing #ExchangeRate for todayhttps://t.co/e9CU0pwK6d pic.twitter.com/2NQ0a7niDi

— SBP (@StateBank_Pak) June 10, 2022

Reporter Ashraf Khan