Karachi: The US Dollar closed on the high price of Rs 121.39 in the inter bank foreign exchange market.
State Bank of Pakistan said that the US Dollar increased to Rs 1 during the day. Forex Association of Pakistan revealed that it also reached 122.25 at one point.
A few days back, the US Dollar was closed on Rs 119.84 after reaching Rs 121. In March, the Dollar closed at Rs 115.5 and seen a sharp raise of Rs 4.93. Since December, the rupee has depreciated by about 14%.
Widening current account deficit and increasing imports were cited as the possible reasons for the devaluation of Pakistani Rupee.
State Bank of Pakistan said that it is due to the foreign exchange demand-supply gap in the inter bank market.