US Dollar nears Pak Rs. 108 in open market amid panic in stocks

ISLAMABAD: US Dollar has reached near Rs. 108 in open Market due to the negative speculations regarding Rs. 40 billion new taxes. Although the price of dollar is at 107.40 in market but it is not available in market at existing price. Dollar is available at 107.60 to 107.80 in market. So, during the first three days of the current week the value of dollar has increased by 40 to 80 Paisas. The value of dollar has also increased in interbank market and the current value is 105.57 Rs. in Interbank. As per sources of open market, the demand of dollar has suddenly increased after the approval of mini budget and people consider that government is imposing new taxes due to unstable economic circumstances and the value of Pakistani currency will be devalued against dollar. That’s is why investors have started to purchase dollar for holding and supply of dollars is not according to demands.