Pakistan market shakes as Dollar shoots up

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Pakistan market shakes as Dollar shoots up

KARACHI - The market was shaken on Friday as both the interbank and open market rates of U.S. dollar went up by Rs4.5 and Rs1.5 respectively.

As a result of aforementioned activity in the currency market, the volume of loans on Pakistan had also augmented by whooping Rs400 bn whereas price of petrol and diesel are likely to go up by at least Rs3 per liter.

Likewise, price of electricity is expected to go up by Rs0.15 and edible oils by Rs20/liter.

At present, the US dollar is trading at around Rs106.5 in the interbank market and between Rs107.8 and Rs108.8 in the open market.

A spokesperson for the State Bank of Pakistan (SBP) said that market forces set the rate of the dollar, after keeping in view the demand and supply. He further stated that SBP is monitoring the overall situation and the bank would intervene if need be.