Dollar declines by 18 paisa to close at 170.48 rupees

KARACHI (PEN) – The exchange rate of US Dollar declined by 18 paisa in the interbank on Friday against Pakistani rupee.

According to details, the greenback closed at Rs170.48.

Earlier, Fitch Ratings revised down its forecasts for the Pakistani rupee on Thursday for both this year and next due to a variety of factors including an increased flow of US dollars into neighbouring Afghanistan.

Fitch’s forecast for the rupee’s average rate this year is now 164 to the US dollar compared with 158 previously. For 2022, Fitch now expects an average rate of 180 versus a previous forecast of 165.

“Our expectation for the currency to weaken further is based on Pakistan’s worsening terms of trade, tighter U.S. monetary policy, alongside the flow of U.S. dollars out of Pakistan and into Afghanistan,” it said.