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KARACHI: The United States (US) dollar crossed the Rs161 mark in the interbank currency market on the first day of week’s trading on Monday.
The greenback appreciated Rs1.31 against the Pakistani rupee on account of high demand, hitting its highest since January 26. It can now be bought for Rs161.25 in the interbank market.
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 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.