Dollar closes at all-time high of Rs139
It was the second surge that showed a rise in dollar to burden debts by Rs 760 billion.
KARACHI (Dunya News) – The rupee weakened 3.8 percent and closed at an all-time low of Rs139 against the US dollar in the inter-bank market on Friday.
In early hours of the day, the rupee hit an intra-day record low of Rs144 to the greenback in line with the International Monetary Fund (IMF) conditions.
Following the historic high in the dollar rate, SBP intervened and contacted to the commercial banks that resulted in a decline of Rs2 in the dollar price.
It is pertinent here to mention that dollar price shot up by as much as Rs8 in the interbank market during trading today after which its value was recorded at Rs142. The dollar was fluctuating between Rs140 and Rs142 in open market.
It was the second surge that showed a rise in dollar to burden debts by Rs 760 billion.
Earlier, on October 9, local currency began to depreciate against dollar and reached at the nerve-racking level of Rs. 138 after an increase of Rs.10.28 in interbank market and Rs. 11.20 in open markets.
Following this sharp increase in the dollar value, in a short span, an increase of 8.20 pc is being recorded in the value of dollar against rupee. The slide recorded
during October, 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.
The experts are of the view that in PM Imran Khan led government, rupee has seen an abysmal downfall which has surged debts up to Rs. 975 billion.
Asad Umar has said that rate of monetary policy and dollar related issue are decided by the Central Bank.
He asserted that demand of dollar is more than its supply.
On Friday, a sharp increase in dollar valued occurred in order to maintain an artificial value of the US dollar, he added.
