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Rupee remains at record low against dollar

KARACHI: The exchange rate ended unchanged on Tuesday at the record low against the dollar.

The exchange rate ended Rs170.80 against the dollar, the same previous day’s closing in the interbank foreign exchange market.

The rupee has lost Rs13.26, or 8.42 per cent, against the dollar since the closing on June 30, 2021 till reaching the lowest level on October 5, 2021.

The dealers said the dollar demand for import payments remained high. However, measures taken by the State Bank of Pakistan (SBP) have supported the local currency.

A day ago, the SBP reduced the retention period for exporters for holding foreign exchange from five days to three days.

Although the central bank has taken other measures, as well during the last couple of weeks, those have failed to stop deterioration in the rupee value.

The dealers said the phenomenal growth in import bill was a major concern for the rupee stability in the coming days.

The import bill of the country registered a growth of 65 per cent to $18.63 billion during July-September 2021, compared with $11.28 billion in the corresponding period of the last fiscal year.

courtesy: bolnews.com

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