Dollar reduces by 42 paisas, being traded at Rs151.50 in interbank marrket

KARACHI (92 News) – The dollar price has witnessed a 42-paisa decrease and was being traded at Rs151.50 in the interbank market on Wednesday. On Tuesday, dollar rate in the market was closed at Rs151.90. Meanwhile, 100 index gained 905 points and reached 34,347 points. On Tuesday, the US dollar rate further increased by Rs2.35, reaching all-time high of Rs152 in the interbank market. On the other hand, US dollar is being sold at Rs155 in the open market. On Monday, it was increased by Rs1.63 and was being sold at Rs149.50 when the business closed. On the other hand, Pakistan stock market could not be stabilized and witnessed a decline on first day of the week. 100 index plummeted to 32,400 with a decrease of over 800 points. On May 18, the US dollar price further increased by Rs1.35 in the interbank market  and touching the all-time high value of Rs147.87. Moreover, the US$ reached Rs151 in the open market with an increase of Rs4 .After the increase in the dollar rate, the stock exchange also declined to 804 points, with 100 index reaching 33,166. On Thursday, the dollar that valued at Rs141.5 climbed roughly Rs6.51 and reached approximately Rs148 in the interbank market during trading before closing at Rs147.10. The IMF bailout package has started destroying the economy instead of supporting it. After the approval of the bailout package, the dollar price is skyrocketing while the stock market is witnessing a decline daily. The action taken by Prime Minister Imran Khan failed to yield any result. During a meeting with a delegation of the Exchange Companies Association on Wednesday, the prime minister had ordered action against the companies selling the dollar at a high rate.