Dollar at Rs.169.6 as rupee continues to fall
Business Desk :
US dollar has touched a new all-time high at Rs.169.6 as Pakistani currency continues to fall. The dollar has established a new record on Wednesday.
According to an update posted at 9:58 am on Mettis Global, a web-based financial data and analytics portal, the rupee depreciated by 46 paise against the greenback and was being quoted at 169.40/169.60 while trades were reported at 169.50.
“Due to the recent sustained rise in the dollar’s sustained value, importers have started booking the currency in advance, which has increased its demand in the interbank market,” Chairman of the Exchange Companies Association of Pakistan Malik Bostan told reporters.
Bostan warned that the dollar could become even more expensive if the State Bank of Pakistan does not intervene. This is indeed an alarming situation, he alarmed.