Home General Dollar jumps to Rs165.2 after sheds 77 paisas

Dollar jumps to Rs165.2 after sheds 77 paisas

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KARACHI: Pakistan rupee weakened by 77 paisa (-0.47 percent) against the US dollar in the interbank on Tuesday despite the country receiving $2.75 billion from the International Monetary Fund (IMF).
According to the State Bank of Pakistan, the US dollar opened at Rs164.43 and closed at Rs165.20. This is the lowest level of Pakistani rupee against the US dollar since September 30, 2020. Within the open market, the rupee was traded at Rs164.80/165.60 per dollar.
Overall, Pakistani rupee shed Rs1.02 against the US dollar during the last two days, while depreciation during the fiscal year 2021-22 has been Rs7.84. The local unit has shed Rs5.01 against the US dollar in the current year 2021.
According to currency dealers, the rupee witnessed sharp decline in the interbank owing to the situation in Afghanistan and higher import bill. They said that the IMF allocation of $2.75 billion is conditional money to support the coronavirus crisis and it cannot be used for the fiscal space.
They said that delay in payments from Afghanistan against Pakistan’s export has created pressure on the rupee. They pointed out that Afghan traders are opening import LCs from Pakistan as they cannot open from their own country due to ongoing turbulence which has also weighed on the rupee. – TLTP