US dollar flies high as demand soars

By: News Desk      Published: 03:51 PM, 7 Sep, 2021
US dollar flies high as demand soars
File photo.

The US dollar increased by 35 paisas and reached Rs167.58 from Rs167.23 at the closing time of the inter-bank trading against Pakistani rupee on Tuesday, reported 24NewsHD TV channel.

Karachi Forex Dealers Association President Malik Bostan said the US dollar increased by Rs10.4 in the last two months and nine days. 

The forex dealers said that there was a demand for the US dollar in Pakistan. “People are converting their prize bonds worth Rs40,000 into dollars as the conversion date is expiring soon.

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“It is for the first time that the US dollar demand has been increased 50 percent in inter-bank and the remaining 50 percent by the public,” he added.

Overseas Pakistanis are also sending over $2.5 billion in terms of remittances, he added.

He said that Pakistan needed to take steps to increase imports at times when the country’s exports reached $5 billion in a month.