KARACHI: The dollar reaches to Rs175 at the opening of the interbank foreign exchange market on Friday.
The dollar gained 81 paisas against the rupee. The last day’s closing of the exchange rate was Rs174.19 against the dollar.
Currency dealers said that the local unit is under pressure due to higher import payments.
They said that delay in the Saudi grant had escalated the dollar demand for external payments.
Similarly, the delay in the IMF tranche also put pressure on the foreign exchange market.
The rupee hit an all-time low of Rs175.27 on October 26, 2021.
The import bill registered a growth of 65.15 per cent to $25.06 billion during July-October 2021 as compared with $15.17 billion in the same period of the last fiscal year, according to the Pakistan Bureau of Statistics (PBS).
The buying and selling of the dollar in the open market are Rs174.50/Rs176.50.