US dollar being sold at Rs136 in open market

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KARACHI: The US dollar continued to spike for a second day on Wednesday as it was being sold for Rs136 in the open market.

General Exchange Companies Association of Pakistan Secretary Zafar Paracha said the dollar is being bought at Rs134 and sold at Rs136 in the open market.

“The dollar has risen by a further Rs1.50 today,” Paracha added.

A day earlier, the US dollar soared to Rs134.50 in the open market lending yet another blow to the rupee. The US dollar gained by over Rs6.50 to touch the new high in the open market, while in the interbank market it rose by Rs9 to reach Rs133.64 on Tuesday.

The strengthening of dollar against rupee also saw a record increase in gold prices in the country over the last five years.

The State Bank of Pakistan (SBP) said the decline in rupee was reflective of current account dynamics and a demand-supply gap in the foreign exchange market.

On Monday, the government decided to approach the International Monetary Fund (IMF) to deal with the prevalent financial crisis.

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