Dollar gains Rs1.96 in interbank market, reaches Rs167.50

KARACHI (Dunya News) – The USD climbed a further Rs1.96 in the interbank market and is being traded at Rs167.50.

It is pertinent to mention here that during the past week, the dollar gained 6.87 rupee against the Pakistani Rupee. The highest mark touched by dollar at interbank was of Rs 169.50. Intervention from the State Bank of Pakistan (SBP) and selling from exporters arrested the declining trend of the rupee.

The sharp rise in dollar’s value increased the country’s debt burden by hundreds of billions of rupees. The weakening rupee has been attributed to outflow of investments by foreign investors and loan payments.