The dollar peaked again against the rupee on Monday, surpassing Rs.193 on the interbank market, while analysts continue to worry about the country’s rising import bill.
According to the Pakistan Forex Association (FAP), the greenback won 30 paisa from Friday to reach Rs193.30 around 11 am in interbank trading.
This development comes after a week of the rupee which reaches new lows, mainly because of the increasing import bill of the country.
Last week’s FAP data showed that the dollar had climbed to record highs against the rupee for five consecutive days, and the international currency reached a high of Rs. 188.66 on the interbank market last Tuesday, then reached Rs.190.90 on Wednesday, passing Rs.192 on Thursday and going higher than Rs.193 on Friday.
The FAP figures show that the US dollar was closed at Rs193 at the end of Friday’s session. However, according to data issued by the State Bank of Pakistan (SBP), the dollar settled at Rs192.53 by the end of the session.
The decline in the rupee is primarily due to an uncontrolled rise in imports coupled with a relatively slower pace of export growth. As a result, the trade deficit reached $39 billion in July-April.