Dollar reaches Rs128.50 high in interbank market


KARACHI, July 16 (TNS): The value of US dollar hit a high of Rs128.50 on Monday in interbank trading after an increase of Rs6 in interbank market and Rs4 in open market.

Following a sudden rise of dollar value, an increase of Rs540 billion was seen in national debt and Rs1980 billion in foreign debt. Since December, a total increase of Rs22 is seen in the value of US dollar. With a sudden increase in dollar’s value there is a possible threat of inflation.

This hike in dollar value would be a reason of an increase in the prices of petroleum products, eatables, dairy products, mobile charges, transport and vehicles. According to economists, the value of Pakistani rupee is declining due to increased imports, low remittances, debt and interest payments.