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Thursday, September 29, 2022
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HomeBusinessRupee plunges further as dollar crosses 193-mark

Rupee plunges further as dollar crosses 193-mark

Rupee’s decline weighed down by surging trade deficit, deteriorating forex reserves

The US dollar reached an all-time high above Rs193 in the interbank market on Friday morning, breaking yesterday’s record of Rs192.

According to the Forex Association of Pakistan (FAP), the greenback appreciated by Rs1.10, when the day started, from yesterday’s close of Rs192 and reached Rs193.10 around near noon in the interbank trade.

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Today is the fourth successive day that the dollar has climbed to a record high against the rupee, with the greenback hitting a high of Rs188.66 in the interbank market on Tuesday. It then soared to Rs190.90 on Wednesday and rose past Rs192 on Thursday.

Alpha Beta Core Chief Executive Officer Khurram Schehzad spoke with local media saying that it was expected that the value of dollar would rise further today. He connected the development to the anticipated strengthening of the US dollar in the international market and an increase in interest rates in the US.

Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan said that the increasing trade deficit and political uncertainty were compounding pressure on the dwindling rupee.

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