US Dollar Closes At Rs. 119.84 in Interbank Market

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he US dollar closed on Monday at Rs119.84, after reaching a record high of Rs121 earlier in the day, the State Bank of Pakistan said.

Karachi: The movement is based on foreign exchange demand-supply gap in the interbank market, the central bank said.

Increasing imports and a widening current account deficit were cited as the possible reasons for the hike in value of the foreign currency.

Despite the continued growth in exports (13.3 percent in Jul-Apr FY18) and some uptick in remittances, growing imports have pushed the current account deficit to US$ 14.0 billion during the first ten months of FY18, which is 1.5 times the level of deficit realised during the same period last year, SBP said.

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