US dollar falls to Rs160.5 in interbank market

KARACHI: Rupee registered slight gains against the US dollar in the interbank market on Friday, as the price of dollar decreased by Rs4 to close at Rs160.5.

The rupee reached a record low of Rs162.16 in the interbank market a day earlier to continue a slide.

In the open market, the greenback was traded at Rs161.75 after decreasing of Rs2.50 against the rupee.

According to economic experts, the investors were worried after rupee devalued during the last two days, however, the slide in the greenback provided a much-needed relief.

On Thursday, The value of the US dollar against the rupee touched another historical high on Wednesday as the greenback hit Rs162.16 in the interbank market after rupee devalued by Rs5.18. In the open market, the greenback is being traded at Rs162 after gaining an increase of Rs4.8 against the rupee.

The significant hike in the value of the US dollar has raised fears that prices of essential commodities, particularly imported products, would follow the similar trend. Since the start of this month, the rupee has been devalued by Rs14.58 which in turn has raised Pakistan’s external debt by Rs1,400 billion.

According to experts, the government must ensure implementations on economic policies after the deal with the International Monetary Fund (IMF). It is anticipated that the US dollar rate would fluctuate for some time, and the value of the Pakistani rupee would stabilise after proper implementation of the economic policies.

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