US dollar climbs to new record against Pakistani rupee
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The US dollar has once again crossed the Rs171 mark on Tuesday when it gained 30 paisas in value against the Pakistani currency, reported 24NewsHD TV channel.
The greenback which opened for trading in the inter-bank at Rs170.71 shot by 38 paisas and was being traded at Rs171.12 at midday. However, at the closure of business, the dollar in total gained 30 paisas against the Pakistani rupee and ended up at Rs171.04.
Earlier, in the morning trading, the dollar gained 16 paisas. At the start of the inter-bank trading, the US dollar first gained six paisas against the Pakistan currency but later increased by 16 paisas and reached Rs170.90.
In the open market, the dollar was up by 10 paisas against the Pakistani rupee.
Economist Asad Rizvi said, “Higher exports and remittances did not come to the rupee’s rescue. The government is taking administrative measures after series of actions taken by the State Bank of Pakistan (SBP) to check the Pakistani rupee slide. Fate will be known soon that if the measures taken are enough or not.”
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