The price of one US dollar has increased by record Rs1.54 and crossed the psychological mark of Rs161 against the Pakistani rupee, reported 24NewsHD TV channel Monday.

The new price of the US dollar reached Rs161.48 at the closing time of the inter-bank trading on Monday.

The experts say the dollar surge also increased the foreign loans and import tax as well. Exports also said that the other factors in the dollar value uptick were due to the increases in demand that put pressure on the Pakistani rupee.

The US dollar earlier in the day reached Rs161.80 after initial increase of 86 paisas. Since the month of July 2021 the dollar price has increased from Rs157.54 to Rs161.48. Forex traders say the U.S dollar has increased by Rs3.94 since July 2021.  

Analyst Asad Rizvi said, “In Pakistan we have two working days this week. Gulf market will remain closed. This means no remittances is expected from Middle Eastern countries. Eid Holidays is an annual routine, but it will add pressure. Therefore, I do not see any respite in next 7-10 days.”

https://twitter.com/asadcmka/status/1416930785228115968

Reporter Ashraf Khan