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dollar hits 173 exchange rate today, hitting record high level against PKR

Pakistan’s inconclusive talks with IMF further triggered depreciation of rupee value against dollar today

ISLAMABAD: The US dollar made a new high today against the rupee, soaring to Rs173 in the interbank market in Pakistan.

According to a latest update of Mettis Global, a Karachi-based fin-tech company, the rupee was being traded at Rs173 against the dollar at 12:37pm today (Oct 17) compared to the previous session’s close of 171.18.

The report said that strong demand for the greenback as well as rising prices of crude oil in international markets were behind the latest round of erosion in the rupee’s value.

The report further said that additional pressure on the rupee was created due to no timeframe determined for the conclusion of the ongoing negotiations between the government and the International Monetary Fund that has led to a delay in the release of the next tranche from the Fund.

Meanwhile, soaring gap between exports and imports of Pakistan too triggered depreciation of rupee value against dollar and other major currencies. Monthly imports bill has surged to around $6.5 billion as against less than $3 billion exports in a month.

Effects of IMF’s talks being seen in market: Paracha

Zafar Paracha, the chairman of the Exchange Companies Association of Pakistan, told Dawn.com that the sudden surge in the dollar’s value was a “concerning matter” for him.

He said the government had given “clear signals” about the rupee’s depreciation against the dollar in its talks with the IMF and the effects of that were now being seen in the market.

Paracha further said that uncertainty in the market would remain and its effects would be felt until the IMF deal was finalised.

Dollar Background

He said that the officials who trying to curtail the smuggling of the dollar were being harassed, and that was also a factor in the greenback’s surge.

Paracha said the government needed to “immediately consult” all the stakeholders or a “crisis” in the currency market could emerge and affect the entire economic environment.

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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.

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