US dollar reaches highest-ever Rs170.80 mark
There is no break as far as the US dollar’s soaring rate is concerned as its price went up 32 paisa further in the interbank on Monday to reach the highest-ever Rs170.80, reported 24NewsHD TV channel.
According to forex dealers, the dollar’s rate in the interbank has increased by Rs18.52 in the last five months.
They have said the dollar was valued at Rs152.28 in the interbank on May 7.
Economic experts have said the amount of the country’s foreign loans has upped by Rs2,100 billion due to the hike in the US dollar rate.
They have further said that due to an increase in the rate of the dollar, the import of raw materials is becoming costlier for Pakistan.
Asad Rizvi, an economist, has said that the prices of imported items such as petroleum products, electricity and gas will go up further with an increase in the dollar rate. “Circular debt will also increase due to a hike in the dollar rate,” he added.
Meanwhile, the difference in the prices of a US dollar in the interbank as well as in the open market narrowed down on Monday.
While in the interbank, the currency’s rate reached the highest-ever Rs170.80, in the open market its price dropped by 60 paisa to reach Rs172.
According to the Forex Association, last week the difference in dollar rates at the interbank and in the open market had reached Rs2.12.
Reporter: Ashraf Khan