KARACHI: October 28, 2022: As political turmoil continues in Pakistan, US dollar also keeps surging due to vulnerability of the rupee in the domestic currency market.
US dollar is gain value massively on daily basis since announcement of long march by the Pakistan Tehreek e Insaf (PTI), chief Imran Khan.
US dollar maintained gaining streak against the rupee in interbank and open market . The value of US currency increased in interbank on Friday last working day of the weak to Rs 222.40, showing an increase of Rs 1.15 to the local currency in the last 24 hours. US dollar was at Rs 221.25 on Thursday in interbank and it recorded another increase of Rs 1.15 against the rupee on Friday.
In open market , US dollar gain remained even more than the interbank . In open market, US dollar gained Rs 2.05 against the rupee on Friday to take the rate of US currency to Rs 225.25 at the closing of interday trade in the currency market.
The currency dealers attach gain by US currency in the last week against the rupee . They argue that since the announcement of long march by PTI chief , Imran Khan, the local currency is under pressure as demand of US dollar has risen in the open and interbank.
President All Pakistan Forex Dealers Association , Malik Bostan Khan , also endorses the arguments of the forex dealers regarding depreciation of the rupee due to the on-going political uncertainty in the country.
Talking to NEWSMAN, Malik Bostan said “ There is no possibility of economic stability and so of the local currency as long as political uncertainty goes on in the country”.. .
