Dollar climbs to Rs156.96 in inter-bank market, PSX loses 404 points
In the open market, the dollar gained 25 paisas and was closed at Rs157.25.
KARACHI (Dunya News) – The value of US dollar against Pakistani rupee on Monday increased by Rs1.11 and hit another high of Rs156.96 in the interbank market, and Rs157.25 in the open market.
In the open market, the dollar gained 25 paisas and was closed at Rs157.25.
During the last one week, the rupee has been devalued by Rs8.36, which in turn has raised Pakistan’s external debt by Rs830 billion.
Alternatively, the currency gained 2.5 rupees against the Pound Sterling as the day s closing quote stood at PKR 197.54 per GBP, while the previous session closed at PKR 197.04 per GBP. On the other hand, PKR s value weakened by 43 paisa against EUR which closed at PKR 176.05 at the interbank today.
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.
PSX loses 404 points
On the other hand, the stock market witnessed a slump of 404 points to settle around 35,128 levels as the benchmark KSE 100-share Index on Monday retreated towards finishing trading on a negative note.
