The US dollar gained Rs6.61 against Pakistani rupee in the interbank market, rising to Rs148.
Islamabad (Pakistan Point News – 16th May, 2019) The US dollar has further appreciated against the Pakistani rupee in the open and interbank Currency market.
According to media reports, the US dollar gained Rs6.61 against Pakistani rupee in the interbank market, rising to Rs148.
In the open market, dollar has gained Rs3, taking it to Rs147.
The exchange rate of Dollar in interbank remained constant and was traded at Rs 141.39 while it appreciated by Rs2 in the open currency market, State Bank of Pakistan (SBP) reported on Wednesday.
The Pakistani rupee had depreciated to Rs 146 in the open market following the rise in dollar.
Last week, the exchange rate of Dollar in open bank had increased by Rs2 and was being traded at Rs144. Dollar appreciated by as much as Rs 3 in the open market in the last week.
According to a report, money changers said that the price of rupees is falling continuously due to which the market has become unstable. People are buying a lot of Dollars, decreasing them in the market.
When PTI government was formed, dollar was valued at Rs123, but due to continuous decline, it has now reached to over Rs144.
The hike in the value of dollar comes as Pakistan and the International Monetary Fund (IMF) have reached a deal for Rs6 billion bailout package.
Business leaders are of the view that IMF's sponsored budget will result in contraction of the troubled economy and take a toll on the masses struggling to make both ends meet.
The new taxation measures to improve the revenue collection will also hit the business community and the masses, widen the gulf between taxpayers and tax collectors and promote tax evasion.
