Dollar surge non-stop, being traded at Rs 153 in open market

KARACHI: The dollar surge is not coming to halt, as the greenback hit a new low at the start of a trading day on Tuesday.

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In open market, the dollar was traded at the price of Rs 153, however the actual price in interbank market of US dollars was 151 rupees.

The latest increase in Dollars price reaches to 9.60 in just four business days.

On Thursday the Dollar was traded at 144 Rs and following the International Monetary Fund (IMF) agreement which stated the free float of exchange rate, the surge in Dollar prices is not coming to a stop.

“Basically, the sudden spike of the dollar against the rupee is due to the impact of the IMF deal plus a shortage of dollars in the market,” said Saad Hashemy, chief economist and director of research at Topline Securities in Karachi.

With inflation running at more than 8 per cent, a weaker currency is likely to add to pressure on household budgets, particularly on power and gas bills, where the government faces growing pressure to allow regulated prices to rise.

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