Dollar in Pakistan reaches to one-year high despite higher foreign exchange reserves.

Pakistani rupee depreciated Rs0.48 against the US dollar in the inter-bank market on Wednesday and closed at Rs166.87.

According to the State Bank of Pakistan (SBP), the local currency had closed at Rs166.39 against the greenback on Tuesday.

With the latest drop, the rupee has depreciated almost 9% since hitting a recent high of Rs152.28 against the US dollar on May 7, 2021.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent at 92.73.