The value of US dollar against Pakistani rupee on Monday increased by Re1 and hit another high of Rs156.85 in the inter bank market.
Within just a week, the greenback spiked to new tops with a massive increase of Rs 8.25, which in consequence has soared Pakistan s external debts by Rs 820 billion.
In the previous week, Pakistani rupee was depreciated by 4.9 percent against the US dollar as the greenback gained Rs 7.25 and touched another historical high.
In the inter bank market, the US dollar closed at Rs 155.85 on Friday, which in consequence had raised Pakistan’s external debts by Rs 725 billion. In the open market, the US dollar closed at Rs 157.50, which in turn increased prices of goods, and hardships for the general public.
Besides, a massive increase in the value [domestic] of gold was seen in the previous week, with an increase of Rs 4,200, reaching an all time high of Rs 75,900 per tola.
The yellow metal saw the significant increase in prices due to the increase in the value of gold in the international market, coupled with an increase in the value of the dollar.
The inter bank 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 inter bank rate, the open market is likely to follow a similar trend.