US Dollar hits new highs against Pak Rupee

• The US Dollar jumped by Rs1.87 against the Rupee at the interbank and is being traded at 168 rupees.
• The value of the US Dollar has risen by Rs8.20 in the last four days alone.

Another day another milestone for the greenback after the US Dollar reached its highest level in history against the Pakistani Rupee on Friday.

The USD jumped by Rs1.87 against PKR at the interbank and is being traded at 168 rupees.

As per details, the economic effects of the Coronavirus and decline in interest rates have resulted in the rise of the dollar.

The rupee touched new lows against the dollar on the inter-bank market on Thursday,  after it 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.

Commenting on the soaring dollar rate versus the rupee, experts said that the 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 the dollar due to short supply, but when the supply will ease, the rate of dollar will come down.

The value of the US Dollar has risen by Rs8.20 in the last four days alone, after which the total debt of the country has increased by Rs 800 billion.