US Dollar rises further against Pakistani Rupee

US Dollar rises further against Pakistani Rupee

ISLAMABAD – The value of the US dollar hit a high of Rs128.75 on Tuesday in interbank trading with an addition of 75 paisa. According to details, dollar has gained Rs7.20 at interbank in two days.

The increase in exchange rate has also hiked the country’s foreign debt volume by Rs2000 billion.

Since December, dollar registered an increase of Rs22.50 or 21 percent while debt payment pressure rose by Rs 2000 billion.

Meanwhile, dollar went up to Rs129 with an addition of 25 paisa in open market.

An analyst said that pressure on the currency mounted following the speech delivered by the care taker finance minister Dr Shamshad Akhtar that spade work to enter in IMF would be prepared by the present government so that new government if they want to enter the program they could easily sail.

“This was enough to hint that all not well with the economy as reserves have fallen sharply since October and now the country less than one and half months to cover the import bill”, said the same analyst.