HomeNewsNewsDollar remains unchanged at Rs177.98

Dollar remains unchanged at Rs177.98

KARACHI: The exchange rate ended unchanged on Thursday, as the dollar maintained the record high level of Rs177.98, which was the previous day’s closing at the interbank foreign exchange market, dealers said.

They said the market witnessed high dollar demand for import and corporate payments; however, the banks provided sufficient dollars against the demand to keep the rupee value maintained at the previous level.

The local currency witnessed the latest lowest level; following the announcement of the monetary policy where the central bank raised the policy rate by another 100 basis points to support it.

The State Bank of Pakistan (SBP) on December 14, 2021 announced another 100 basis points increase in the key policy rate to 9.75 per cent. It was the third straight increase in the policy rate by the central bank since September 2021 and the second in a span of less than a month.

The primary…

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