KARACHI: The high demand for US dollars weighed on the rupee, which fell to an all-time low of Rs184.09 after losing another 61 paise in the interbank market on Friday.
Since August 2021, the local currency has lost more than 16% versus the US dollar. The State Bank’s foreign exchange reserves fell by more over $8 billion in the first eight months, adding to the pressure.
However, Roshan Digital Accounts (RDAs) drew $290 million in new deposits as expatriate Pakistanis became more interested in the ease of creating bank accounts.
The State Bank of Pakistan announced in a tweet on Friday that 23,312 new accounts were created for RDA in March alone. So far, the total RDA deposits have reached $3.92 billion.