The US dollar even touched a high of Rs 88.70 during the trading session in the inter-bank market and later receded back slightly to hover at 88.50 and 88.60 for buying and selling, said a currency dealer at a local bank.He said growing forward bookings of greenback by the importers was also a major factor, however, at the same time it was beneficial for the exporters as well who were comparing the local situation with currencies of neighbouring countries, particularly, the Indian rupee which has been devalued against dollar.
"It is however fortunate that there is no hoarding of the green bill by the public compared to past practices," said Malik Bostan, president of Forex Association of Pakistan (FAP) while talking to APP.
He said even the banking channels were buying dollar from open market to meet the demand of importers.
Referring to his interaction with bankers, Bostan said that exporters have also halted their export proceeds abroad with a wait and see policy while keeping an eye on regional markets.
"Delay in release of IMF tranche was also a likely factor in pressure on Pak Rupee," he added.