US dollar bounces back against rupee, rises to historic high of Rs173.96

By: News Desk      Published: 11:07 AM, 21 Oct, 2021
US dollar bounces back against rupee, rises to historic high of Rs173.96
Representational image.

The Pakistani rupee has lost all its gains it scored against the US dollar in the inter-bank trading on Thursday morning and by the closure slumped by another 49 paisas taking the greenback to the historic high of Rs173.96, reported 24NewsHD TV channel.

Economist Asad Rizvi said, “While, the decision on FATF will take few more days. Reports are that the review of the 6th IMF programme is moving onwards. However, FX & FIXED INCOME market will remain anxious until final outcome. Delay could see #PKR making yet another attempt to test yesterday's historic high of 173.50.”

Earlier on Wednesday, after gaining 69 paisas against the Pakistani rupee, the US dollar had reached the historic high at Rs173.47, up from the previous rate of Rs172.78 in the inter-bank trading.

According to the forex dealers, in just five months and 12 days, the dollar became 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.