Dollar rallies high in Interbank

F.P. Report

KARACHI: The rupee again oscillated sharply and it reached the day high of Rs 110 but selling from exporters checked the upward movement.

Dollar once again rose sharply against the domestic currency and surged to Rs 110 at the interbank market. The green back taking queue from the banking rate also showed sharp rise in the open market and it was quoting b-etween Rs 108.50 Rs 109.50.

Some selling from exporters halted the speedy rise in the value of dollar and when filling this report currency was trading between Rs 108.50 to Rs 109.50 level.

According to an analyst every Re 1 decline translated into Rs 85 billion increase in the debt burden on the country’s external loan. If the currency has risen by Rs 3 in the two sessions, the burden on debt rises by nearly Rs 300 billion.

The country business dependent on the imported goods, so any depreciation of the domestic currency would likely to make oil and other stuff to become costlier.