US dollar falls 1.2pc in interbank market against Pakistani Rupee
Last updated on: 12 October,2018 04:30 pm
The dollar value today is traded around Rs 123.40
KARACHI (Dunya News) – The value of US dollar on Friday, declined by Rs1.87 against Pakistani rupee after dollar falls for the second time this year at interbank market while by Rs1 in open market.
After this decline, dollar value in interbank was recorded Rs131.93 while in open market it is Rs132.50.
The dollar value today is traded around Rs123.40.
Following the decline of US dollar against Pakistani rupee, the country’s debt burden also reduced by Rs175 billion.
On October 12, dollar recorded unprecedented rise increasing by 7.5 percent which was the second largest appreciation in last 27 years in one session following the government’s decision to seek new loans from International Monetary Fund (IMF) to support of balance of payment position.
The domestic currency immediately after opening on Tuesday had registered a jolt after importers demand hit the market and exporters swayed from the session. The rupee hit the all-time high mark of Rs136 to dollar but most of the time trade around Rs134 but at the close the currency finished at Rs133.64 level.
The slide was around 7.5 percent or 9.39 rupees, which opened the flood gate of price increases in all the domestic commodities which are dependent upon the imports
The slide was the second biggest slide in single session, first was witnessed in 1999 on May 19, when the rupee depicted a slide of 10 percent.
Depreciation to increase the price of all the imported stuff like petroleum products, edible oil, milk powder, electronic items, mobile phones, dry fruits , tea and spices and other products.