US dollar beats Pakistani rupee to historic high

KARACHI: The US dollar opened in early inter-bank trading on a new historic high against the Pakistani rupee on Wednesday.

The greenback straight away got a jump of 56 paisas as the traders took positions at the opening time of the inter-bank trading, touching a new record high of Rs169.50, but the US dollar closed at 169.12, 18 paisas up from yesterday’s closing of Rs168.94. According to forex dealers, the US dollar had gained Rs17.22 in value during the last four months. On May 7, 2021, the US dollar had been traded at Rs152.28 in inter-bank trading.

This sharp rise in the US dollar prices has also multiplied Pakistan’s foreign debts by over Rs1950 billion, experts said, adding the 11 percent increase in the dollar rate will also fuel inflation. TF Report