Dollar rides high in intraday

MG News | March 08, 2022 at 10:26 AM GMT+05:00

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March 8, 2022 (MLN): Sticking to its bullish trend, the dollar kept gaining ground against the Pakistani rupee as the local unit continued to remain under severe pressure, depreciating by 57 paisa.

The dollar was being quoted at 178.50/178.70 (10:36 PST) when compared to the previous close of Rs178.13.

Given the prevailing nervousness in the interbank market amid escalated commodity prices, the local unit is facing the brunt along with other Asian currencies.

Pakistan is already facing a huge current account deficit that recorded at $2.6bn in the previous month. Institutional demand for dollars to pay import bills has fixed the interbank rates much higher, Ahsan Mehanti, Director, Arif Habib Group told Mettis Global.

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