Dollar price up by Rs5.13, reaches all-time high of Rs146.52

US dollar, soars, Rs150.40, 30-paisa, increase, interbank, market
16 May, 2019 10:48 am

KARACHI (92 News) – The dollar price has gone up by Rs5.13, increasing its rate to Rs146.52 in the interbank market on Thursday.

Moreover, the dollar rate in the open market has increased by Rs3 and it was sold at Rs147.

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 record increase of Rs148 was witnessed in the dollar rate with a jump of Rs6.61. However after some time, the dollar rate reduced by Rs1 and brought the dollar to Rs147.

According to the forex dealers, the dollar was sold at Rs147.

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 tomorrow.

On Wednesday, the US dollar bounced back to Rs144 after reaching an all-time high of Rs146.25 during the day in the open market.

The dollar reached the all-time high in Pakistan after an increase of Rs2.25 as the first reaction of the IMF bailout package.

The government had accepted the IMF’s condition of leaving the dollar on the market. It is being feared that the value of a rupee will further reduce.

Meanwhile, the State Bank of Pakistan has taken notice of an increase in the dollar rate.

Source said that an important meeting of the Finance Ministry has been summoned in this regard. They added that the Finance Ministry had sought a review of the difference in the dollar price in the inter-bank and open market.

Dollar rate rises by 26 paisas in interbank market

On April 3, the dollar rate in inter-bank market increased by 26 paisas and it was trading at Rs141.35 in the inter-bank market.

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.

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