He said that those keeping dollars are being warned to encash them through banks
Islamabad (Pakistan Point News – 26th June, 2019) Journalist Sabir Shakir has said that amnesty scheme is the main reason behind the rise of US dollar.
He said that those keeping Dollars are being warned to encash them through banks and show them.
He further said that Dollar will continue to rise in the interbank market till June 30, adding that this is for the first time that the value of dollar in interbank market is higher than in open market.
The US dollar has reached a historic high of Rs162 in in interbank market.
The US dollar gained Rs3.20 in the interbank market on Tuesday, taking it to a record high of Rs160 in the interbank market.
According to forex dealers, the US dollar increased from Rs156.98 to Rs160 at the start of the trading day.
The interbank rate is the benchmark rate to determine the value of dollar and sets the direction for open market rates. Since open market or cash market rate usually remains higher than the interbank rate, the open market is likely to follow a similar trend.
Within just a week, the greenback spiked to new tops with a massive increase of Rs8.25, which in consequence has soared Pakistan's external debts by Rs820 billion.
In the previous week, Pakistani rupee was depreciated by 4.9 percent against the US dollar as the greenback gained Rs7.25 and touched another historical high.
In the interbank market, the US dollar closed at Rs155.85 on Friday, which in consequence had raised Pakistan's external debts by Rs725 billion. In the open market, the US dollar closed at Rs157.50, which in turn increased prices of goods, and hardships for the general public.
