Sudden Spike in Dollar Price, Dollar Closes At PKR 163.10

Karachi: Pak Rupee dived by PKR 1.12 against dollar in the inter-bank market today. Dollar closed at PKR 163.10 compared to previous closing of PKR 161.98.

Pak Rupee depreciated by PKR 2.18 during a week. According to State Bank of Pakistan stated that Dollar closed at PKR 160.98 on May 21, 2020. Dollar closed at PKR 163.10 today in the inter-bank market, stated State Bank of Pakistan. Money dealers said dollar was inching up in the pre-Eid sessions and rose from PKR 160 to PKR 161.98 in the few sessions of pre-Eid. Oil importers were asking for dollars to make June payments, said a currency dealer. The central bank is expected to intervene next week, prices moved further up.

Pakistan’s foreign exchange reserves also reported decline for the around US$ 200 million during the period of May 15 to May 21. According to State Bank, Pakistan’s foreign exchange reserves were at US $ 18.59 billion on May 21, compare to US $18.61 billion on May 15,2020.

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