Dollar continues to soar against Pakistani rupee; rises to Rs173.47

By: News Desk      Published: 10:49 AM, 20 Oct, 2021
Dollar continues to soar against Pakistani rupee; rises to Rs173.47
Representational image.

After gaining 69 paisas against the Pakistani rupee on Wednesday, the US dollar has reached the historic high at Rs173.47, up from the previous rate of Rs172.78 in the inter-bank trading, reported 24NewsHD TV channel. 

According to the forex dealers, in just five months and 12 days, the dollar has become Rs21.19 costlier in the inter-bank exchange. On May 7, 2021, the rate of the US greenback was Rs152.28 in the inter-bank.

Economic expert Asad Rizvi said with a surge of Rs21 in the dollar price, Pakistan's external debt had been increased by over Rs2,400 billion. He stated that country’s economy was facing so many challenges. The current account deficit which is constantly ballooning is also a gigantic challenge, he maintained.

He was also of the view that to fulfill the conditions imposed by the International Monetary Fund was also an enormous test. 

On Monday, the US dollar demonstrated strongly against the Pakistani rupee gaining a hefty Rs1.92 in the inter-bank trading. However, the rupee did stage a comeback and recovered 32 paisas before the closure of the business. The US dollar dominated the whole day and was traded at a historic high of Rs173.10 against the pathetic Pakistani rupee which had been constantly losing against the greenback for many months now.

After gaining Rs1.92 on Monday, the dollar reached its historic high against the rupee at Rs173.10, but later the rupee recovered 32 paisas and as the trading ended the dollar closed at Rs172.78 up by Rs1.60. The Pakistani rupee was closed at Rs171.18 when the trading closed on Friday evening. In the open market, the US dollar also gained Rs1.40 against the Pakistani rupee.