Dollar continues to surge, crosses 201-mark in interbank market

A forex dealer counting currency notes in this file photo. -Agencies
A forex dealer counting currency notes in this file photo. -Agencies

KARACHI: The Pakistani rupee once again breached the 201 threshold against the US dollar in the interbank market during intra-day trade on Tuesday, Geo News reported.

The dollar gained Rs0.94 during the intraday trade today. It ended at 200.06 per dollar a day earlier. 

 The rupee fell to an all-time low of 202.1 on May 26.

Meanwhile, in the open market, the greenback was being traded at Rs202 against the local unit.

Speaking to The News on Monday, Samiullah Tariq, the head of research at Pak-Kuwait Investment Company said the demand [for the rupee] is higher than the supply as import demand has increased due to higher commodity/ fuel prices.

Analyst Mustafa Mustansir at Taurus Securities said higher oil prices will exacerbate the current turmoil further.

“Inflationary expectations amid rising fuel, power and gas prices are making the case for holding savings in the dollar rather than the rupee,” Mustansir said. “Rupee is losing its purchasing power.”

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