Dollar rate rises by 26 paisas in interbank market
KARACHI (92 News) – Dollar rate in interbank market increased by 26 paisas and it was trading at Rs141.35 in the inter-bank market on Wednesday.
The rupee’s value is dropping against the US dollar, as it hits highest level of Rs141.35 today after surge of 26 paisas in the inter-bank market. The experts had predicted the dollar may touch Rs150 but the recent dollar inflow has prevented the rupee from falling to that level.
Recently, Pakistan is negotiating a loan package from the International Monetary Fund (IMF) but a breakthrough in talks is awaited. It was reported that the IMF will set difficult economic reform targets for Pakistan including a free-float exchange rate, which may result in further depreciation of the rupee.
It further said that the IMF will set difficult economic reform targets for Pakistan including a free-float exchange rate, which may result in further depreciation of the rupee.
However according to forex Association of Pakistan the open market rate of Dollar closed at Rs142.50.
According to a report, money changers said that the price of rupees is falling continuously due to which the market has become unstable. People are buying a lot of Dollars, decreasing their trade in the market.
When PTI government was formed, dollar was valued at Rs 123, but due to continuous decline, it has now reached to a record low.
With a fresh drop of Rs0.20, the rupee has cumulatively depreciated Rs2.55, or 1.8%, in four weeks and closed at Rs141.09 against the greenback in the inter-bank market on Tuesday.
“The rupee is moving downwards on market expectations based on (weak) economic fundamentals,” State Bank of Pakistan (SBP) spokesman Abid Qamar told.
He agreed that market expectations for the Pakistan-IMF loan deal and outlook on the balance of payments deficit – lower dollar inflows than outflows – were pulling the rupee down.
On the other hand, due to the depreciation of Pakistani rupee, the prices of Gold prominently increased Rs1000 by one tola. The Gold prices touched highest level at first time to reach 72,200 rupees per tola.
Earlier, in a historic surge on November 30, the value of the dollar shot up by Rs8 in the interbank market resulting the dollar rate to reach up to Rs 142 against Rs 134 trading on November 29.
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