Pakistani rupee continues slide against US dollar in interbank

KARACHI: The United States (US) dollar Monday witnessed a spike in interbank against Pakistani rupee at the start of the day, ARY NEWS reported.

According to details, the US dollar surged by 20 paisa, reaching Rs164.20 in the interbank.

On Friday, the last trading day of the previous week, the Pakistani rupee appreciated by just one paisa against the United States (US) dollar.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs164 against the greenback, registering appreciation of one paisa over the previous close of Rs164.01.

Economic experts have previously attributed the spike in the dollar value to strong demand saying imports and debt repayment were pushing the greenback’s price in the interbank market.

The Pakistani rupee had touched an all-time low of 168.43 against the greenback last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April, 2021.

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The local unit rose by 6.2 percent or Rs10.51 against the US dollar in the currency market during the fiscal year 2020-21 that ended on June 30.

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