KARACHI – The value of US dollar on Thursday, hit a high of Rs128.48 ininterbank trading while Rs129.50 in open market after an increase of 48paisa in interbank market and 50 paisa in open market respectively.
This hike in dollar value would be a reason of an increase in the prices ofpetroleum products, eatables, dairy products, mobile charges, transport andvehicles.
With a sudden increase in dollar’s value there is a possible threat ofinflation and economic instability.
According to economists, the value of Pakistani rupee is declining due toincreased imports, low remittances, debt and interest payments.
Experts recommended to take every possible step to avoid further increasein the value of US dollar.
This is possible only if Pakistan increases exports to maintain the rupeevalue in the international market.
Moreover, the hiked dollar prices have also heightened prices of furnaceoil.
According to a report, in 1950, the value of 1 US dollar was 5 Hong Kongdollar and now it has increased to 7 Hong Kong dollar only.
In India the value of 1 US dollar was Rs4 in India and now it is Rs68.
In Philippine, 1 US dollar was for 2 Philippine Peso and now it is 53 Peso.
While in Pakistan the value of dollar was Rs3 but now it has heightened toRs130.
This situation shows the devastated economic condition of Pakistan,prevailing due to uncontrolled value of dollar against Pakistani puree.