KARACHI: Uncertainty continued in exchange rate markets on Tuesday, as the US dollar has hit one year-high against the Pakistani rupee, ARY News reported.
In the interbank market, the US dollar is being traded at Rs168.60 paisas after an increase of Rs50 paisas in its value in the initial trading on Tuesday.
Yesterday, the trading of the greenback in the inter-bank market closed at Rs168.10 paisas.
Currency dealers, experts and analysts have many reasons for the steep fall in the local currency value against the US dollar, but they said there was no intervention from the State Bank of Pakistan (SBP) to stop this devaluation to bring stability.
The Pakistani rupee had 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 percent or Rs10.51 against the US dollar in the currency market during the fiscal year 2020-21 that ended on June 30.
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