U.S. dollar touches all-time high of Rs128.25 in interbank market

19 Juillet, 2018, 09:21 | Auteur: Auguste Feret
  • Dollar bills

On Monday, the dollar price swelled to Rs128 in the interbank market, it is observed that the value is amplified by around 5.3% from 13th July 2018, previously the worth of United States dollar was Rs121.46. According to dealers projections, the market is likely to accept the assurance with the new dollar price, till there is no subsequently deflation arrangement.

As the market opened, the dollar rose to Rs125.50 before it soared to Rs127.50. Presently the rupee went down to record low at Rs 126 against the dollar in the inter-bank market.

Following a sudden rise of dollar value, an increase of Rs540 billion was seen in national debt and Rs1980 billion in foreign debt. The State Bank of Pakistan has maintained that the slide in the rupee's value is due to supply and demand dynamics of foreign exchange in the inter-bank market.

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Pakistan's economic fundamentals have deteriorated ahead of the July 25 general election, with most financial analysts expecting the next government will need to seek a post-election bailout from the International Monetary Fund (IMF).

Widening current account deficit and increasing imports were cited as the possible reasons for the devaluation of Pakistani Rupee.

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