Rupee slides to historic low of Rs182.19 against dollar
\nKARACHI
\nThe deterioration in rupee value continued on Monday as the local unit fell 41 paisas to reach the new historic low of Rs182.19 in the interbank foreign exchange market.
\nThe exchange rate recorded a 41 paisas decline in rupee value from the previous closing on Friday March 25, 2022 at Rs181.78.
\nThe dealers said that the local unit was under pressure because the market was open after two weekly holidays. Further, the falling foreign exchange reserves, volatile commodity prices in international markets and political uncertainty further depressed the rupee value.
\nLarge external payments against foreign debts also had a negative impact on the rupee value. Pakistan\u2019s foreign exchange reserves fell by $2.28 billion to $21.44 billion by March 18, 2022, compared with $23.72 billion as of February 4, 2022. The foreign exchange reserves of the country hit record high at $27.23 billion on August 27, 2021.
\nThe ballooning current account deficit escalated the dollar value, as Pakistan\u2019s current account deficit ballooned to $12 billion during the first eight months (July \u2013 February) 2021\/22, against a surplus of $994 million in the corresponding months of the last fiscal year.
\nAlthough the current account deficit narrowed to $545 million in February 2022, compared with the deficit of $2.53 billion in January 2022, the scheduled external repayments are still a threat to the balance of payment. The local currency remained under pressure since the start of the current fiscal year.
\nThe rupee lost Rs24.64 or 15.65 per cent from Rs157.54 to dollar on June 30, 2021 to the current level of Rs182.19. At the open market, the buying and selling of the dollar was recorded at Rs182 and Rs183.3 at 3:20pm PST.<\/p>\n","protected":false},"excerpt":{"rendered":"
Rupee slides to historic low of Rs182.19 against dollar KARACHI The deterioration in rupee value continued on Monday as the local unit fell 41 paisas to reach the new historic low of Rs182.19 in the interbank foreign exchange market. The exchange rate recorded a 41 paisas decline in rupee value from the previous closing on […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-251898","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n