Saudi Riyal is being traded at Rs42.93 in the open market.
Islamabad (Pakistan Point News – 26th June, 2019) The Dollar has risen to an all-time high of Rs 160 in open market and Rs162 in the interbank market.
Following dollar, other currencies have also skyrocketed against the Pakistani rupee.
Media reports said that Saudi Riyal is being traded at Rs42.93 in the open market.
Moreover, Emirates Dirham increased to Rs43.84 against the rupee.
The Pakistani rupee hit all time low against the US dollar as it lost Rs5 on Wednesday in the interbank market, rising to a record high of Rs163.
According to forex dealers, the US dollar increased from Rs156.98 to Rs160 at the start of the trading day and then to Rs163.
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.
