Rupee weakens as US dollar hits record high Rs121 in interbank market

  • A widening current account deficit and increasing imports have resulted in the surge
Business

KARACHI – The US dollar surged to a record high against the Pakistani Rupee in the interbank market on Monday, touching Rs121.

The greenback, which was previously being traded at Rs115.63, increased by Rs5.38, depreciating the already suffering rupee in the interbank market, according to foreign exchange dealers.

A widening current account deficit and increasing imports have resulted in the surge, the experts said, adding that the strengthening dollar will cause trouble for Pakistan’s economy.

In March, the US dollar had recorded Rs4.93 surge, reaching Rs115.50 in the interbank market. Earlier, it had touched Rs116 in the open market.

The value of the Pakistani Rupee had faced a four per cent decrease in the interbank market due to increasing rate of the dollar.