The rupee touched new lows against the dollar on the inter-bank market on Thursday in the process of trading activity, money experts said.
Commenting on the soaring dollar rate versus the rupee, they said that buying pressure of the US currency was the basic factor behind the huge losses of the local currency.
At the same time, Forex Association of Pakistan (FAP) Chairman Malik Bostan said that the reason for this raise is panic buying of dollar due to short supply, but when the supply will ease, naturally rate of dollar will come down.
INTER-BANK MARKET RATES: RATES: The rupee dropped over Rs 5 in a single day fall in terms of the dollar for buying and selling at Rs 166.00 and Rs 166.50 respectively, marketmen said.
In the fourth Asian, The dollar fell against the yen and the euro on Thursday, ahead of US data that is expected to show a surge in unemployment benefit claims as firms lay off workers due to the rapid spread of the coronavirus.
The pound extended declines against the euro and the dollar due to worries that Britain is ill-prepared for a spiralling number of coronavirus cases, as healthcare systems in Italy and Spain are already being overwhelmed.
The dollar was trading against the Indian rupee at Rs 75.335, the US currency was at 4.350 in terms of the Malaysian ringgit and the greenback was at 7.112 versus the Chinese yuan.
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
======================== Bid Rate Rs 166.00 Offer Rate Rs 166.50 ========================
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained Rs 5 against the rupee on the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 166 (buying) and Rs 166.10 (selling) against last rate of Rs 161 (buying) and Rs 161.10 (selling).
It closed at Rs 166 (buying) and Rs 166.10 (selling).
The buying and selling rates of one tola of gold were Rs 95,700 and Rs 95,500 (buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.