The greenback increases by Rs1.5 in a day
The US dollar reached a 10-month high and was being traded at Rs164 on Tuesday. The last time dollar was recorded at this level was in October 2020.
According to Forex Association of Pakistan Chairperson Malik Bostan, the government is set to import 100 million coronavirus vaccine doses in the upcoming months.
He said payment in dollars for imports increased its demand and pushed up its price. The trade deficit in FY2020 was about 33% higher than that in FY2019, which has also depreciated the rupee against the dollar.