Dollar hits 11-month high to cross Rs 166 in interbank market

KARACHI (92 News) – The dollar reached an 11-month high of Rs 166.29 against the rupee in the interbank market on Wednesday.

The dollar gained Rs 1.09 in a single day.

The dollar rate has increased by Rs 14 during the last four months. The foreignn loans have risen by Rs 1,500 billion due to surge in the dollar rate.

The forex dealers have termed trade deficit as the reason behind a continuous increase in the dollar rate. Owing to increase in the rates of export items, inflation is likely to increase.