KARACHI: The United States (US) dollar crossed the Rs161 mark in the interbank currency market on Monday, reaching its highest since January 2021.
The greenback closed at Rs161.48 against the Pakistani rupee, registering appreciation of Rs1.54 over the previous close of Rs159.94, according to the State Bank of Pakistan (SBP).
Economic experts attributed the spike in the dollar value to strong demand saying imports and debt repayment were pushing the greenback’s price in the interbank market.
The Pakistani rupee had touched an all-time low of 168.43 against the greenback last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April, 2021.
The local unit rose by 6.2 per cent or Rs10.51 against the US dollar in the currency market during the fiscal year 2020-21 that ended on June 30.