The dollar has depreciated by 5 paisa in the inter-bank market, bringing it to Rs 136.
Lahore (Pakistan Point News – 3rd December, 2018) The Pakistani rupee has accelerated against the US Dollar in the inter-bank market on Monday.
The dollar has depreciated by 5 paisa in the inter-bank market, bringing it to Rs 136.
Dollar was earlier being traded at Rs 139.05.
The pakistan stock exchange also began on a negative note. The stock exchange saw a fall of 1300 points while the 100-index came below 39,200.
As the dollar reached a record high on Friday, other currencies have also sky rocketed against the Pakistani rupee.
The inflation was doubled by the end of November while dollar was appreciated by Rs 5.06 in a single week.
The Saudi Riyal was being traded at Rs 37.06 at the end of the week, Euro Rs 158.17 and British Pound at Rs 177.85.
The business week ended with dollar at a record high of Rs 139.
According to the monetary policy report of the State Bank of Pakistan (SBP), the inflation rate in the country has increased. The hike in gas tariffs has increase inflation while expensive CNG have increased transport fares, adding to the burden of the citizens. The construction expenses have also increased with a surge in cement and steel prices.
Dollar reached a record high of Rs 142 in the inter-bank market with an increase of Rs 8 on Friday.
According to details, the value of dollar has been swiftly shifting in the Currency market; following which, the dollar was increased against the Pakistani rupee by Rs 8 and reached a new high of Rs 142.
The sudden rise of Rs 8 in the value of the US dollar is based on the government's commitments to the IMF and its indecisive economic policies.
The US dollar, which was being traded at Rs 134 on Thursday, opened higher at Rs 142 on Friday while the local currency further devalued by Rs 2 to Rs144.
The devaluation is set to cause an increase in inflation and interest rate, effecting investment in the country.
With a record high increase in the value of dollar, the country’s debts had also soared to Rs 760 billion.
Dollar is now being traded at Rs 136 in the interbank market.
