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Dollar rate: Pakistani rupee extends gain in interbank, open market

The currency recovered by 45 paisas in two days

SAMAA | - Posted: Jan 12, 2022 | Last Updated: 4 days ago
Posted: Jan 12, 2022 | Last Updated: 4 days ago

Photo: SAMAA TV/ File

The value of the Pakistani rupee continued to recover in the interbank market against the US dollar on Wednesday.

According to the State Bank of Pakistan, the dollar depreciated 23% and slumped by 40 paisas. It traded at Rs176.23.

Earlier, the Pakistani rupee had fallen to an all-time low of Rs178.24 in the interbank and Rs180.30 in the open market on December 29, 2021.

Meanwhile, in the open market, the greenback recorded a drop of 30 paisas to sell at Rs178.80.

Here are the open market rates of major currencies on January 11, 2022

Currency Buying Selling 
USD 178.00178.50 
Saudi Riyal 46.80 47.30 
UAE Dirham 48.50 49.50 
UK Pound 239.00 241.50 
Euro 199.00 201.00 
Japanese Yen 1.50 1.52 
AUD 126.00 127.50 
CAD 139.00 140.50 
Chinese Yuan 27.00 28.00

In December last year, the local currency had been extremely volatile amid the widening trade deficit and lost Rs2.98, breaking all records each day.

Exchange Companies Association of Pakistan’s Zafar Paracha said that the decrease in imports from $7.8 billion in November 2021 to $7.5 billion in December 2021 had a direct impact on the devaluation of the US dollar. The greenback would face further depreciation in January as imports are expected to drop even further, he added.

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 items worth $100 million but importing worth $260 million every day.

A 5% decrease in imports has been noted in the last month.

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