Dollar price further up by Rs1.35, touches all-time high of Rs147.87
KARACHI (92 News) – The US dollar price further increased by Rs1.35 in the interbank market on Saturday, 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.
Sources in the Finance Ministry have held private banks responsible for the hike in the dollar rate. They said that the government was in need of dollar to pay off the foreign debt.
They said that the private banks had caused an artificial shortage of dollar, which increased the demand off foreign currency in the open market.
The SBP officials said that the hike in the dollar rate in the open market is not part of the policy. They said that the SBP would take action against the banks concerned if the dollar price was not restored by today.