Dollar shatters previous records, closes the day at Rs166.13
The US dollar shattered all the previous records as it closed the day on Thursday at Rs166.13 against the rupee after reaching a historic high of Rs166.50.
As a result of this trend, the dollar’s inter-bank rate increased to the point of Rs4.90. However, the cumulative gain stood at Rs4.13 by the close of the day.
It also means that the value of US dollar has jumped by Rs7.46 in the last three days.
Although the dollar-rupee relationship remained stable for the last six months or so, the stormy days for Pakistan’s currency started on March 9 when it lost Rs3.65 against the previous level of Rs154.25.
Earlier on Wednesday, the dollar had closed the day at Rs161.60 after reaching the value of Rs162 at one point.
The latest gains made by the dollar also reflects another unfortunate reality: the economy will face turbulent times as it is further shattered by the coronavirus crisis.
It is due to the fact that 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 because of the coronavirus crisis hitting the global economy.