Dollar reaches all time high against Pakistani rupee
Karachi (Web Desk): US dollar value against Pakistani rupee in Inter -bank market continues to increase, the value of the dollar has increased by 7 to 8 rupees in the first two hours before the start of business.
According to Forex Dealers, the rupee has been severely stressed due to increasing space between demand and supply in the Interbank market, with an increase of up to 8 rupees dollar reaches to Rs 117.50 from 110.50 when business commences in the morning.
Economists says that the increase in the value of value dollar directly impact the value of imported goods, it will also increase the risk of commercial deficit.
Market talk suggested the dollar went up to Rs116, but the number would only be final at close of trading on Tuesday.
The rupee depreciation comes on the back of immense pressure on Pakistan’s foreign exchange reserves that have plunged to around $12 billion as a widening current account deficit takes its toll on the economy.
In a policy statement, the State Bank of Pakistan (SBP) said it is monitoring the interbank market.
An SBP spokesperson said that Rupee is falling owing to pressure from import payments, adding that the market is adjusting the exchange rate accordingly.