Dollar continues to soar, touches all-time high at Rs157 in interbank
KARACHI (92 News) – The dollar price reached all-time high of Rs157 after gaining Rs1.16 in the interbank market on Monday.
According to the reports, US dollar continued its upward trajectory against Pakistan rupee. The US dollar weakened by Rs1.16 against the Pakistani rupee in the interbank market on Monday to be traded at Rs157.
During last week, the price of the US dollar in the interbank mart rose by Rs7.24.
The sliding rupee has caused alarm in Pakistan, which is already facing inflation likely to average over 7 per cent for the year and surging costs for fuel and power, which are both heavily influenced by the dollar exchange rate.
On the other hand, in the Pakistan Stock Exchange (PSX), more than 350 points fell from the KSE-100 index during the start of week.
The analyst said that the country’s debts loans have also increased worth of billions rupees due to devaluation of the rupees.
A day earlier, the dollar price reached all-time high of Rs152.90 after gaining Rs1.34 in the interbank market. In the open market, greenback also increased by Rs 1.50 and reached Rs153.50.
On the other hand, Pakistan Stock Exchange witnessed a positive trend and gained strength. 10 index was strengthened by 465 points and reached 35,403.
Meanwhile, the value of gold was also increased by record Rs2,700 per tola, reaching Rs75,900 per tola.
On Wednesday, the dollar price jumped to Rs151.95 after a 48-paisa increase in the interbank market.
On the other hand, a positive trend was witnessed in Pakistan Stock Market. 100 index gained 400 points and crossed the psychological level of 35,000. In the open market, dollar reached Rs152.50 from Rs152 with an increase of 50 paisa.
On Tuesday, the US dollar had witnessed a 40-paisa increase and reached Rs150.50 from Rs150.10 in the interbank market. According to the forex dealers, Pakistan Stock Market lost 165 points in the start of the business and 100 index reached 34,410.
On Monday, the dollar rate had increased by Rs 2.70 in the open market and was sold at Rs 151.50. In the interbank market, the dollar was increased by Rs 1.90 and as a result, its price rose to Rs 150.10 from Rs 148.60.
According to Forex dealers, a decrease has also been witnessed in the Pakistan Stock Market. 100 index lost over 750 points and reached 34,750. Before the Eid holidays, the trade was closed at Rs 148.60.
Last month, the rupee registered record lows against the US dollar following the announcement of a $6 billion bailout agreement with the International Monetary Fund foreseeing a ‘market-determined rate’ for the Pakistani currency.