The US dollar has reached record-high of Rs.164 against the Pak Rupee. The US dollar rose by Rs7.2 to reach Rs.164 in the interbank trade. Earlier we informed our readers that Pak Rupee dropped to Rs.160 against the US Dollar and now it has dropped further and reached Rs.164.
The dollar is being traded at Rs.163 in the open market. The rupee has slid down by at least Rs.6.
Also, the gold price has increased as it was being traded at Rs80,500 per 12 grams on Wednesday.
The dollar had been consistently strengthening in the past two months following Pakistan signing a deal with the International Monetary Fund (IMF).
Earlier the State Bank of Pakistan Governor Reza Baqir gave assurance that in case of excess volatility, the central bank will intervene in the market. Baqir said that the government used a market-based exchange rate rather than a free float or fixed exchange rate
Baqir said, “In the market-based system, you consider supply and demand factors, what side they are pulling the exchange rate, and you don’t suppress them. And this is fundamental we keep a close eye on the market, and if there is excessive volatility or special pressures, the SBP intervenes. And we will continue to do so to make sure that there isn’t excessive volatility or ‘disorderly market conditions’, as economists say.”