For the first time in the history of the country, the open market price of dollar crossed 212 and the interbank price exceeded 208 rupees.
Pressure on oil payments led to a sharp fall in the country’s foreign exchange reserves and a further drop in government reserves to ارب 8.9 billion. The interbank rate of Rs 208 and the open market rate of Rs 212 also crossed the new highest level.
In the interbank market, the dollar had crossed Rs 209 at one point, but in the closing moments, the dollar’s interbank rate closed at a new high of Rs 208.75, an increase of Rs 1.8 paise. Similarly, in the open currency market, the dollar rose by Rs 2.50 to close at a new high of Rs 212.
Experts say that the value of the Pakistani rupee is revolving around the IMF program. It is also demanding levy and sales tax.
According to experts, this is prolonging the process of joining the program and the dollar continues to soar from the uncertain environment due to the dangerous escalation in the financial crisis.