Dollar goes wild, inter-bank rate jumps to Rs163.75
Amid a weak economy further shattered by the coronavirus crisis, the trend of US dollar getting stronger continued during early trading on Thursday, as its inter-bank rate jumped to Rs163.75.
It means that the dollar had gained Rs1.75 so far during the first two hours of day. It was available for Rs162 on Wednesday, when the inter-bank rate had increased by Rs3.
A weaker rupee means that Pakistan’s economy will further suffer, as the increase in the dollar price during the last two years has resulted in expensive imports, inflation and higher cost of living. The situation is expected to worsen further because of the coronavirus crisis hitting the global economy.