Dollar up by Rs3.97 in four days, Rs437b increase in external debt

By: News Desk      Published: 11:54 AM, 2 Jun, 2020
Dollar up by Rs3.97 in four days, Rs437b increase in external debt

The US dollar continued surging against the rupee for the fourth consecutive day as its value had increased by Rs3.97 in inter-bank rate during this period, reported 24NewsHD TV channel.

By the time trading was closed on Tuesday, the dollar was available for Rs164.89, meaning it gained 81 paisas during the day. At one point, the greenback had reached the level of Rs165.77, which represented a gain of Rs1.69 against the local currency after the starting from the previous day’s level of Rs164.08.

As far as the open market is concerned, the dollar price increased to Rs165.20 after a gain Rs1.20.

Meanwhile, the Rs3.97 raise in the dollar value during the last four business days has caused an increase of Rs437 billion in Pakistan’s external debt. 

On Monday, the dollar was up by 98 paisas as it closed at Rs164.08 in inter-bank rate. It was available for Rs164 in open market with a gain of 50 paisas.

On the other hand, the rupee experienced further devaluation against pound sterling and euro in the open market, as the two currency were up by Rs2.50 and 73 paisas respectively.

The latest increase means the pound was available for Rs206 and the euro for Rs183.50.

Earlier on Monday, the euro had reached the level of Rs182.77 after gaining Rs1.80, while the pound was available for Rs203.50 with a gain of Rs2.50.