Pakistani Rupee thrashes US dollar
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Pakistani rupee thrashed the U.S. dollar in the interbank market trading as dollar reached Rs174.20 after a decrease of record Rs1.03 against Pakistani currency, reported 24NewsHD TV channel.
On Friday—the last day of the previous trading week— the US dollar continued to flex its muscles on Friday as it scored another heavy gain of Rs1.81 against the Pakistani rupee making a new record, reported 24NewsHD TV channel.
The greenback gained one rupee and 81 paisas in inter-bank trading and reached the historic level of Rs176 from the closure of Rs174.19 a day earlier.
Economic expert Assad Rizvi said that the US dollar had increased its value by over rupees four during this week alone.
He opined that the demand for dollars has made its value pricey which is also becoming a huge challenge for the country’s trade deficit.
Assad Rizvi said the soaring price of oil and the ever-increasing demand for the dollars were putting pressure on the Pakistani currency.
He also said that there was a holiday in New York due to which there would be no dollar remittances today which has also put pressure on the rupee.
Reporter: Habib Khan