KARACHI: The US currency jumped by Rs4.93 in the interbank market on Tuesday and touched the highest level of Rs115.50 till intraday trading.
However, the greenback remained unchanged in the open market. The value of the Pakistani Rupee has noted a four per cent decrease in the interbank market as a result of the dollar rise.
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.