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Dollar soars to Rs117 in open market, Rs118 in interbank

Dollar soars to Rs117 in open market, Rs118 in interbank

KARACHI: The US currency jumped by Rs5.10 in open market on Tuesday and touched the highest level of Rs117, while it also soared in interbank by Rs7.50 to reach Rs118 at closing.

The price of the dollar increased by Rs3.40 for buying at Rs115 and for selling at 119 in open market after gaining Rs5.10. The greenback added Rs7.50 for buying at Rs 117.80 and for selling at Rs118 in interbank.

The local currency also touched the record level of Rs119 but closed at Rs117 in cash-free market.

According to economic experts, the prices of fuel and other commodities could rise in the country as a result of the latest increase. However, the country’s local industry could also get a boost as exports are taking a dent while imports are rising, they added.

The country’s foreign exchange reserves are under pressure from the rising current account deficit, said another Economic analyst, adding that the country is paying $200-$250 million every week to pay off foreign loans and other debts. The increase in the dollar rate will have a positive impact on the current account deficit, he added.

On Monday, the Pakistani rupee depreciated against the US dollar in open market and remained firm in interbank.

As per the local money market, the greenback gained 10 paisas in open currency market for buying at Rs111.60 for selling at 111.90. The dollar remained unchanged in interbank at Rs 110.30 for buying and Rs110.50 for selling.