US Dollar Closes At Rs. 119.84 in Interbank Market


he US dollar closed on Monday at Rs119.84, after reaching a record high of Rs121 earlier in the day, the State Bank of Pakistan said.

Karachi: The movement is based on foreign exchange demand-supply gap in the interbank market, the central bank said.

Increasing imports and a widening current account deficit were cited as the possible reasons for the hike in value of the foreign currency.

Despite the continued growth in exports (13.3 percent in Jul-Apr FY18) and some uptick in remittances, growing imports have pushed the current account deficit to US$ 14.0 billion during the first ten months of FY18, which is 1.5 times the level of deficit realised during the same period last year, SBP said.


Please enter your comment!
Please enter your name here