Rupee Touches Historic Fall Against US Dollar

(@FahadShabbir)

Rupee touches historic fall against US dollar

The latest reports say that the local unit reached fresh all-time low at Rs 173 against the US dollar.

KARACHI: (UrduPoint/UrduPoint / Pakistan Point News-Oct 18th, 2021) the Pakistani rupee’s slide continued against the United States (US) Dollar in the inter-bank Currency market today.

The state Bank took a number of steps to ease the pressure on the exchange rate but the local currency continued to fall against the US dollar.

According to forex dealers, the local unit today tumbled to a fresh all-time low at Rs173 against the greenback, showing depreciation of Rs1.82 over Friday’s close of Rs171.18.

On Friday, the rupee closed at Rs171.18 against the US dollar.

Rising demand for the US dollar is driving up its value despite a number of measures introduced by the State Bank to ease the pressure on the exchange rate.

The central bank had earlier introduced regulatory measures to enhance transparency in the foreign currency transactions by exchange companies and to curb undesirable outflow of foreign currency.

Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to US$500 and above and outward remittances and it would be applicable with effect from October 22.

The State Bank of Pakistan had issued guidelines that persons travelling to Afghanistan would be allowed to carry only US$1,000 per person per visit with a maximum annual limit of US$6,000.