LRIP

Dollar Hits High at Rs 168.02

September 11, 2021

The dollar continued to strengthen against the weakening rupee, and it was trading close to a record high of Rs168.02 on Friday.

Currency dealers reported that the dollar was trading at a 13-month high after gaining 36 paisa. On August 26, 2020, the highest price of a dollar was Rs168.43.

The current wave of dollar recognition began in May, and it has since gained Rs15.74 rupees in the interbank market. During this time, the dollar gained 10.3 percent against the Pakistan rupee.

Despite the State Bank’s record foreign exchange reserves and much better repayment ability (it has over $20 billion in reserves), the exchange rate has remained volatile for the last four months.

According to experts, the rising import bill is the cause of the dollar’s increased demand. Importers are concerned that the widening trade gap will further support the US dollar against the local currency.

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