The US dollar continued to batter the Pakistani rupee, with its value rising by 30 paisas in interbank trading on Friday.
The country’s often volatile currency exchange market is once again exhibiting a strong trend for the US dollar, as the greenback, which has been soaring high for the entire week, was traded at Rs180.37 during today’s morning trading session, up 30 paisas against the Pakistani rupee. In interbank trading yesterday, the US dollar was closed at Rs180.07.
Economic analysts predict that when the value of the dollar rises, the country would be slammed by a wave of inflation. They go on to say that the cost of production will skyrocket.
According to Zafar Paracha, General Secretary of the Exchange Companies Association, the dollar rate has increased by Rs2.87 in the last two weeks, causing the country’s foreign debt to increase by Rs300 billion.
The business community is likewise concerned about the US dollar’s continuing upward trend. Industrialists believe that as the value of the dollar rises, raw materials and machinery become more expensive, driving increasing manufacturing costs.
