Karachi(June 12, 2018): The US dollar shot up to Rs121.5 in the interbank market after it closed at Rs119.84 on Monday.
The greenback had reached a record-high of Rs121 on June 11 — the State Bank of Pakistan (SBP) had attributed the movement to a gap between foreign exchange demand and supply in the interbank market.
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The dollar has increased by over Rs15 in the past six months.
According to SBP, despite the continued growth in exports — 13.3 percent in July-April Financial Year (FY) 18 — and some uptick in remittances, growing imports 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.