Tuesday November 09, 2021

Dollar Rises To Rs 174. 5 In Open Currency Market

Karachi: The value of the US Dollar has, once again, risen as on Tuesday, the value of US dollar against Pakistan’s rupee rose to Rs174.5 in the open currency market.

In the inter-bank, the value of the greenback surged past Rs171.63 too.

The Pakistani rupee has been under severe pressure due to a trade and current account deficit. Last month, this pushed the dollar to the record-high of Rs176.

The rupee, later on, recovered after Saudi Arabia granted a $4.2 billion aid package for Pakistan. Following the announcement, the rupee strengthened. On November 3, the US dollar fell below Rs170.

After November 4, however, rupee started depreciating again.

Earlier this week, Special Assistant to the PM on Finance Shaukat Tarin hinted that inflation and the value of dollar in Pakistan can rise. This statement was, at large, misunderstood by the public which led to the decline in the rupee.

People rapidly purchased dollars. Meanwhile, the sale of the greenback halted.

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