The US dollar rose by Rs4.93 in the inter bank market, shoots to Rs115.50

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KARACHI: The US dollar rose by Rs4.93 in the interbank market today, hitting a high of Rs115.50, according to forex dealers.

Interestingly, the rate in the open market is not being divulged at the moment but it is usually higher by a couple of rupees than the interbank rate.

The value of the Pakistani Rupee has noted a four per cent decrease in the interbank market as a result of the dollar rise.

Explaining the negative fallouts of the move, economic analyst Mohammad Sohail said prices of fuel and other commodities could rise in the country as a result of the latest increase.

However, sharing a benefit of the rate hike, Sohail said the country’s local industry will get a boost as exports are taking a dent while imports are rising.

Sohail noted that in the past three to four months, the dollar has risen to Rs115 from Rs105 in the interbank trade.

Economic analyst Asad Rizvi said the country’s foreign exchange reserves are under pressure from the rising current account deficit, adding that the country is paying $200-$250 million every week to pay off foreign loans and other debts.

He added that the rise in the dollar rate will have a positive impact on the current account deficit.

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