US Dollar rises further against Pakistani Rupee in interbank rate
KARACHI– The value of the US dollar on Wednesday increased to record high of Rs128.60 after a rise of 34 paisa in interbank market.
Following the value of US dollar, the prices of steel products hit a record high of history during previous two days.
After the increase of Rs 3000 to Rs 5000, the steel product prices have now reached Rs 1,09000.
It is pertinent here to mention that on Tuesday, the value of the US dollar had reached at Rs 128 on in interbank trading with an addition of 26 paisa.
Dollar gained Rs6.71 at interbank in two days and rupee for the fourth time depreciated by 5.5 percent.
Dollar during the session rose by as much as 75 paisa. The increase in exchange rate had also hiked the country’s foreign debt volume by Rs2000 billion.
Selling from exporters curtail speedy increase in dollar.
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.