Summary Dollar accelerated to 111 rupees on Tuesday.
KARACHI (Dunya News) - Dollar hike continued unabated and touched an all time high level of Rs 111 mark as investors booked sizeable amount of greenbacks as they feared that there is still room for upward movement.
The dollar opened cautiously but after small pause it hit the level of 109.50, but there has been no turning back and it accelerated to 111 rupees.
The cries of importers could be heard loudly as they wanted immediate intervention from the State Bank of Pakistan (SBP) and the finance ministry. But both were silent pushing the importers club to book sizeable dollars for their upcoming imports.
On the other hand, the exporters, while sitting back on their benches waiting for more upward movement and following the settling of the US currency, will start pumping their dollar earnings into the market.
Now it is difficult to assess when the foreign currency would settle, but according to an official it might settle down soon as it appears that the worst is over. Following the steady movement, foreign investors might jump into the stock market which was also battered sharply in the last two sessions.
The stock market during the session touched the 18 month low level because of economic weaknesses, political disturbances and global issues like President Trump recognizing Jerusalem as the capital of Israel.
The steady trend might dictate the forex and stock market in the coming trading sessions.
(Story by Haris Zamir)
