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Greenback Appreciates Against PKR by Rs4/dollar

Karachi (December 08, 2017): The US dollar has appreciated against Pak Rupee by four rupees in the interbank market.

With the unusual appreciation in the value of greenback, one dollar hit Rs109.85 in the interbank market during morning trade . It had closed at Rs105.50 in the interbank market on Thursday.

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Though later it dipped to Rs 106.85 as market forces intervened.

The pressure of payments on the external account is said to be the reason behind the rise in dollar’s value.A spokesman of State Bank of Pakistan said that they were monitoring the situation as the trading was currently underway and the bank would intervene if need be.

The spokesperson said they hope that the dollar rate would stabilise in a short while. The situation in the interbank market has created a sense of nervousness in the open market, however.President of Forex Association of Pakistan Malik Bostan said the value of dollar could rise significantly in the open market if the State Bank did not devise a clear policy in this regard.

The dollar is currently being traded at Rs109.50 in the open market. It had closed at Rs107.50 yesterday.

The development comes a day after a United Nations report warned that the government’s policy of keeping the exchange rate stable by intervening in the foreign exchange market may become unsustainable if the US dollar appreciates against most major currencies in global markets.

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Dollar appreciates in inter-bank trading