The US dollar has reached its highest level in the history against the Pakistani Rupee, it jumped by Rs1.87 against the rupee on Friday and is being traded at 168 rupees.
According to the official details, the reduced interest rate in the country and the effects of coronavirus pandemic on the economy has raised the US dollar level by Rs. 1.87.
Analysts are commenting on the rise in the US dollar by saying that the buying pressure of the US currency was the basic factor behind the huge losses of the local currency.
Chairman of Forex Association of Pakistan (FAP) Malik Bostan has given a statement that says, “The reason for this raise is panic buying of the dollar due to short supply, but when the supply will ease, the rate of dollar will come down.”
As the US dollar has risen by Rs. 8.20 in the last four days which has increased the country’s debt by Rs. 800 billion.