Dollar touches Rs168.9,highest ever in interbank trade
The value of the dollar is at an all-time high as the interbank market closes.The value of one US dollar at the close of business in the interbank exchange market is Rs 168.94.
The dollar appreciated 84 paise against the previous day interbank exchange rate.
In 75 days of the current financial year, the dollar has gone up by Rs 11.40.
On the other hand, the dollar rose by 60 paise to Rs 169.60 in the open market today
According to Zafar Paracha, secretary general of the Exchange Companies Association of Pakistan, the value of the dollar has been rising because of an increase in the purchase of the currency by importers and the smuggling of the greenback to Afghanistan.
He said it was after years that a black market of the dollar had emerged where the currency was being traded at a rate Rs3 to Rs5 higher than that in the open market.
Paracha added that the smuggling of the dollar and its illegal trade needed to be curtailed to control its rising value.