US Dollar reached at record high of Rs127.5 in the Interbank Market

US dollar touches all-time high of Rs128.25 in interbank market

As reported on 16th July, the value of the United States dollar has hit an all-time high record of Rs.128.26 in the interbank market, which is an increase of 5.3% from July 13 when it was trading at Rs 121.46. On July 13, dollar closed on Rs 121.54 in the interbank market. Since December 2017, a total increase of Rs 22 has been seen in the value of the U.S. dollar. When the market opened, Dollar rate climbed to Rs126 and then declined to Rs125.5.

Dollar since December has registered an increase of over 21 per cent.

According to State Bank of Pakistan (SBP) statement, "This movement in the exchange rates reflects the demand-supply gap of the foreign exchange in the interbank market".

Читайте также: IBM seeks US$167m from Groupon in dispute over early internet patents

The devaluation of Pakistani Rupee threatens to squeeze people ahead of the Pakistan Election 2018 on July 25.

Meanwhile, amid increasing debt level and depleting foreign exchange reserves, Pakistan's caretaker government has initiated the process of seeking a bailout from the International Monetary Fund (IMF) to enable the incoming government to move along quicker if it chooses to exercise the option.

Pakistani rupee once again depreciated against USA dollar by 40 paisa, just after the day dollar price augmented by Rs6.

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