US dollar comes down to Rs119.5 in interbank market
KARACHI: The rate of US dollar came down to Rs119.5 on Monday from the record high level of Rs121 that the currency had reached to earlier in the day.
The greenback came down by Rs3.88 in inter-bank market, according to foreign exchange dealers.
Prior to going as high as Rs121, the rate of US dollar stood at Rs115.63.
Increasing imports and a widening current account deficit were cited as the possible reasons for the hike in value of the foreign currency.
In March, the US dollar shot up by Rs4.93 in the inter-bank market to hit a high of Rs115.5 before coming down to Rs115 at the close of business.
The currency that shot up to its record-high in the inter-bank market had also peaked to Rs116 in the open market.
The value of Pakistani Rupee had noted a four-percent decrease in the inter-bank market as a result of the dollar rise.