Karachi: Dollar reached Rs 306 in open market after an increase of $ 1 against rupee. In interbank trading, dollar gained 59 paisas and reached Rs 287.15 against domestic unit. Dollar gained record Rs 2.18 against rupee in interbank trading session and reached Rs 288 on previous day. In open market, dollar reached Rs 302 against unit after an increase of three rupees. Forex experts termed IMF Staff Level Agreement delay and political unrest behind depreciation of domestic unit.

Rupee fell by 0.22 against Saudi Riyal. This comes amid 76.23. Analysts suggest that IMF has refused to ease its preconditions, including government’s circular debt plan.

Dollar touched six-month high against yen as expectations grew that US rates will remain higher for longer and as debt ceiling impasse kept risk sentiment fragile.

Analysts said that fall of rupee is caused by number of things, such as country’s ongoing political instability and worries about Pakistan’s ability to pay back its foreign debt.

Published in The Daily National Courier, May, 24 2023

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