Dollar hits Rs162 in interbank trading
On Wednesday, the US dollar has hit another record high, being traded at Rs162 mark in interbank. Which closed at 156.98 against the greenback a day earlier.
The US dollar rose by Rs3.2 at the start of the trading and was being traded at Rs4.52. Reportedly, Pakistani rupee is being traded at Rs159 in the open market.
Likewise, there has been a massive increase in the value of gold also witnessed during this week, with the yellow metal being traded at Rs80,500 per 12 grams today.
In the past two months, the dollar rate has been on constant climb. The rupee has been falling against the dollar following an agreement with the International Monetary Fund on a $6 billion loan with expected strict conditions including a “market-determined” exchange rate.
The official exchange rate of rupee is supported by the central bank under a de facto managed float system and many analysts consider the currency to be overvalued.
According to data from the State Bank, the central bank’s foreign exchange reserves as of May 3 stood at $8.984 billion, equivalent to less than three months of import payments.
