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Re remains unchanged at 170.8 versus dollar

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KARACHI: Pakistani rupee remained firm against the US dollar in the interbank market on Tuesday and closed the trade without any change.
According to the State Bank of Pakistan, the US dollar opened at Rs170.8 and closed at the same value. Within the open market, the rupee was traded at Rs171/172.5 per dollar, the same rate at which it was traded a day earlier.
Earlier, the rupee made a historic low of 170.80 on Monday last against the US dollar. The Pakistani rupee shed Rs1.40 during the last week against the US dollar, while depreciation during the fiscal year 2021-22 has been Rs13.38. The local unit has shed Rs10.53 against the US dollar in the current year 2021. The local currency has maintained a downtrend after it touched 22-month high of Rs152.27 in May 2021, losing a cumulative Rs18.49 in the past five months to date.
According to the currency expert, the dollar’s 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; however, they have failed to stop deterioration in the rupee value. The dealers said the phenomenal growth in import bill is 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. – TLTP