Another day, another historic-high for US dollar thumbnail

Another day, another historic-high for US dollar

The US dollar is making headlines everyday for its rising value against the Pakistani rupee, and the trend remain same Saturday as well. 

Dollar rate rose by Rs0.20 to Rs178 in the open market Saturday, its record-highest value. 

The value of the greenback against the rupee has been continuously rising since November 4. US dollar’s value was Rs169.75 and Rs170.70 in the interbank and the open market on November 3, respectively. In the next nine day, the value of rupee decreased by almost Rs8. 

Expert are linking the continuous decline in rupee’s value to the impasse in the Pakistan-IMF talks.

Experts believe that unless there’s a positive outcome, rupee will continue to be under strain. 

“The announcement of help from Saudi Arabia in the form of $3b deposits improve rupee’s value, but that was short-lived, because that money hasn’t arrived yet,” said Exchange Companies Association Secretary Zafar Paracha. 

Paracha said that until the deposit is made, the value of rupee will decline every day. 

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