In its historic high, US Dollar reached all time high of Rs.170 in Intra-Day Trading at Inter Bank Foreign Exchange Market, closing at Rs. 169.97/US$.
The Rupee declined by 37 paisa or 0.22% against its previous closing of PKR 169.6 per US$.
High commodity prices and increased import volumes have lead to persistently increasing demand of Dollar from importers. Resultantly, Pakistan is suffering huge Trade deficit and pressure on its domestic Currency.
In its Monetary policy announcement last week, State Bank of Pakistan signaled that Economy growth will come amid adjustment in the local currency. Market perceived it as an indication that Rupee will show flexibility against US Dollar and will be determined by Market Based mechanism with little intervention from Central Bank.
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