After six months, US dollar again crosses Rs161 in interbank today

Analysts attributed the spike in the dollar value to increase in demand saying imports and debt repayment were pushing the greenback’s price in the interbank market.

Javed Mahmood

Published

July 19, 2021

ISLAMABAD: After a gap of six months, the US dollar crossed 161 rupees level in interbank operations in the country today.

The US dollar appreciated by Rs1.31 against the Pakistani rupee on account of high demand, hitting its highest value since January 26. It can now be bought for Rs161.25 in the interbank market. In the open market, dollar-rupee exchange rate surged above 163 rupees today.

Economic analysts 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.

In this article:Exchange Rate, increase in demand, interbank market, Pakistani Rupee, six months high, US dollar

Written By Javed Mahmood

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.