ISLAMABAD – The US dollar lost value against the Pakistani Rupee onThursday.
US dollar fell to its lowest level in the last seven weeks in the openmarket trade on Tuesday.
Pakistani Rupee was trading at Rs138.8 in the evening, down 20 paisas fromthe previous day’s close. It remained stable at or above Rs139 sinceDecember 5 when a dollar was worth Rs138.6.
The dollar had kept buyers and sellers on their toes last year because ofvolatility in its prices and hit its all-time closing high of Rs140.3 inNovember.
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Last year, the dollar appreciated 27% against the rupee, witnessing two ofits biggest single day jumps in a short span of one-and-a-half months.
Experts attribute the rise in dollar rates to our depleting foreignexchange reserves, which fell below $7 billion last month. This level isnot sustainable beyond two months of import payments. The shortage ofdollars had kept the rupee under pressure for most of 2018.
