Dollar hits Rs156.85 in interbank market
The interbank rate is the benchmark rate to determine the value of dollar.
KARACHI (Dunya News) – The value of US dollar against Pakistani rupee on Monday increased by Re1 and hit another high of Rs156.85 in the interbank market, and Rs157 in the open market, Dunya News reported.
Within just a week, the greenback spiked to new tops with a massive increase of Rs8.25, which in consequence has soared Pakistan s external debts by Rs820 billion.
According to economists, Pakistan s monthly average imports are around $4 billion, while exports are only $1.7 billion. The remittances help recover the fiscal deficit to some extent, but the demand of the greenback remains high due to payments of the state’s loan.
In the previous week, Pakistani rupee was depreciated by 4.9 percent against the US dollar as the greenback gained Rs7.25 and touched another historical high.
In the interbank market, the US dollar closed at Rs155.85 on Friday, which in consequence had raised Pakistan’s external debts by Rs725 billion. In the open market, the US dollar closed at Rs157.50, which in turn increased prices of goods, and hardships for the general public.
Besides, a massive increase in the value [domestic] of gold was seen in the previous week, with an increase of Rs4,200, reaching an all time high of Rs75,900 per tola.
The yellow metal saw the significant increase in prices due to the increase in the value of gold in the international market, coupled with an increase in the value of the dollar.
The interbank rate is the benchmark rate to determine the value of dollar and sets the direction for open market rates. Since open market or cash market rate usually remains higher than the interbank rate, the open market is likely to follow a similar trend.
