US dollar bulldozes Pakistani rupee's resistance, climbs to new historic high

The Pakistani rupee at last offered some resistance to the rampant US dollar but it all went all in vain as the greenback could not be bowed down for long as it hit back hard diluting all the gain made by the Pakistani currency and also scored a handsome increase which took it to a new historic high on Tuesday, reported 24NewsHD TV channel.

The Pakistani rupee’s overdue resistance came to surface as it gained a healthy Rs1.43 against the dollar as the intrabank business started. The greenback later recovered some value and was traded at Rs200 down by 93 paisas from Monday’s close before the Tuesday noon, said the forex dealers.

In the afternoon, the US dollar roared back hard recovering all its losses of the day and instead scored a gain of 48 paisas against the Pakistani rupee and ended the day at a new historic high of Rs200.41.

Interbank closing #ExchangeRate for todayhttps://t.co/8QaSr3Ob3k pic.twitter.com/Rf8vOiNSha

— SBP (@StateBank_Pak) May 24, 2022

The US dollar ended the day at Rs200.93 yesterday.

Interbank closing #ExchangeRate for todayhttps://t.co/kSlE4CqIYJ pic.twitter.com/CiDOHDYmJk

— SBP (@StateBank_Pak) May 23, 2022

Experts say ever since the coalition government has taken over, the dollar’s price has soared by about Rs18; an unprecedented increase in just over 40 days.

On April 11, 2022, the first working day of the new government, its price stood at Rs182.93, they said, adding the rise in US dollar’s rate has led to an increase in import spending, which would send the prices of different items soaring in days to come.

It is pertinent to mention here that the State Bank of Pakistan reserves after a decrease of $140.50 have now reached $10.16 billion. 

Reporter Ashraf Khan