It remains unchanged in the open market
The value of the Pakistani rupee in the interbank market recorded a slight decrease against the US dollar on Monday.
According to the data shared by the State Bank of Pakistan, the local currency depreciated 0.01% and settled at Rs176.68. It closed at Rs176.67 on January 7.
On December 29, 2021, the dollar jumped to an all-time high of Rs178.24 in the interbank market and a peak of Rs180.30 in the open market.
Meanwhile, in the open market, the value of the greenback remained unchanged and it was selling at Rs179 on Monday.
Here are the open market rates of major currencies on January 10, 2022
In December, the Pakistani currency recorded a drop of Rs2.98.
Pakistan’s trade deficit had ballooned to $20.74 billion in the first five months of the Fiscal Year 2021-22. Imports grew 72% and the deficit stood at $5.10 billion in November – the highest trade deficit recorded in a single month. Pakistan has been exporting goods worth $100 million but importing items worth $260 million every day.
A 5% decrease in imports has been noted in the last month.