The US dollar which started Friday on a negative note wasted not much time to roar back and scored a handsome gain against the Pakistani rupee as it crossed the Rs176 mark and reached the highest-ever level in the inter-bank trading, reported 24NewsHD TV channel.

The US dollar first lost eight paisas in early trading and then a robust demand saw the greenback going up by one rupee and 52 paisas by noon against the Pakistani currency.

The US dollar at the closing time of the inter-bank trading reached Rs175.46 after an increase of 48 paisas. 

The greenback has so far been successfully thwarting the Pakistani rupee emboldened by the revival of the IMF fund facility programme and the Saudi loan package. 

According to forex dealers, the dollar which closed Thursday at Rs174.98 was traded at Rs176.50 at one point of the business day and reached Rs1.52 paisas but at the closing time it reached Rs175.46 against Pakistani rupee. 

On May 7, 2021, the value of the US dollar was Rs152.28 and within six months it had recorded a mammoth increase of Rs23.98 against the Pakistani currency.

Economic experts were of the view that this huge gain by the greenback led to Rs2,900 surge in Pakistan's foreign debts.

A dollar with higher will certainly add to the import bill fuelling the local inflation, the experts added.

Reporter Ashraf Khan