On Thursday, at the interbank, the US Dollar jumped by Rs1.87 against the Pakistani Rupee reaching 164.38 and the PKR value against Dollar is expected to fall further.
As per the sources, the dollar’s growth culminated as a consequence to the fall in the economy because of the Coronavirus causing a fall in the interest rates.
The Rupee has hit a new low after slipping over Rs 5 in a single day down on the dollar for buying and selling at Rs 162.00 and Rs 164.38.
Forex Association of Pakistan (FAP) Chairman, Malik Bostan, stated that the reason for this increase is the high demand for the purchasing of the dollar has caused the supply to run, however when the shortage will ease the dollar rate will decline.
In the last four days alone, the value of the US Dollar has risen by Rs8.20, during which the country’s gross debt has decreased by Rs 800 billion.