The dollar price in Pakistan has been increasing since past few years gradually, in August 2017 the dollar was sitting at Rs.115.39 which saw an upward trend during the past months and reached Rs.110.15 in mid-December, the price was somewhat stable at this point with minor fluctuations until today.
The price of the dollar is soared to Rs.116.9 according to the Forex.pk, traders are currently buying the dollar at Rs.117 and selling it at Rs.119. This sudden change in dollar rate is creating panic among traders.
According to Xe.com, the current dollar exchange rate in PKR is Rs.114.07 which is expected to be increased further as the market closes, when the market was started today the dollar was sitting at Rs.110.76 which has suddenly jumped to Rs.116.90. Later, after the first session, it was further jumped to Rs.117, according to the analysts the dollar price in Pakistan would soar further when the market will close.
The increasing dollar price is not good for Pakistan’s economy, our imports get expensive due to this exchange rate difference and our exports become cheaper. Increase in dollar exchange rate also indicates the increase in inflation.