Dollar reaches record high of Rs155.85 in interbank market
The value of the greenback increased Rs5 within and reached at Rs157.50 in the open market.
KARACHI (Dunya News) – The US dollar continued its upward trend against the Pakistani rupee in the interbank market after touching a historical high of Rs155.85 following an increase of Rs2.95 on Friday.
The value of the greenback increased Rs5 within and reached at Rs157.50 in the open market.
The greenback’s was valued at Rs151.57 yesterday, but climbed roughly Rs1.43 to hit a historical peak today, with speculation rife in the forex market that the rupee may slide further by the end of the month.
The rupee has been enduring a volatile trading session, as yesterday it was traded and closed at Rs151.57 per USD, after gaining 10 paisa.
The rupee had recovered significant ground against the greenback over the past three weeks, particularly in the last 10 days of Ramazan, on increased inflow of dollars.
The inflow increased on account of remittances sent home by overseas Pakistanis and foreign currencies brought home by expats who came to celebrate Eid with their relatives.
Currency dealers are anticipating that the financial year end, coupled with rumors about a higher future value of the dollar, are responsible for the current situation.
In the month of June, the rupee has been devalued by Rs4.78, which in turn has raised Pakistan’s external debt by Rs470 billion.
After receiving a battering before the release of the Economic Survey 2018-19 and presentation of the federal budget, the Pakistan Stock Exchange (PSX) benchmark KSE 100-share Index recordedhit 35,312 points while gaining 374 points at the early session on Thursday.
