KARACHI: The dollar continued to rise against the Pakistan rupee on Monday as it gained 79 paisa while the last price in the inter-bank market was Rs200.93.

In the open market, the dollar was traded at Rs201.20. The dollar has been the focal point during the entire fiscal FY22 while it succeeded in crossing the Rs200 mark last week, reflecting the poor performance of the external account of the economy.

The reserves of the State Bank fell to $10.2bn from $20bn in August of FY22. This decline psychologically depressed the local currency while the importers were in a race to open the maximum number of letters of credit (LCs). It increased the demand and the dollar crossed the Rs200 mark after eight years.

Currency dealers in the inter-bank said they consider political uncertainty as one of the major reasons for the rapid deprecation

of the local currency. However, they also maintained that the dollar has gained more weight against all major currencies since Russia invaded Ukraine.

Published in Dawn,May 24th, 2022

Opinion

Editorial

Skyrocketing prices
Updated 03 Jul, 2022

Skyrocketing prices

Some sellers are seeking to take advantage of the prevailing disorder by creating artificial shortages or jacking up prices.
Flooding alert
03 Jul, 2022

Flooding alert

THE Gilgit-Baltistan government has issued an alert about the possible flooding of areas along river banks and...
Assaulting journalists
03 Jul, 2022

Assaulting journalists

ANOTHER day, another citizen roughed up for speaking his mind. The assault on veteran journalist Ayaz Amir by...
Uncertainty remains in Punjab
Updated 02 Jul, 2022

Uncertainty remains in Punjab

With the latest verdict, the judiciary seems to have unintentionally entered the political arena, which is not desirable.
Turbulence in tech
02 Jul, 2022

Turbulence in tech

THE party seems to have cooled considerably for the Pakistani start-up scene. With some of the world’s biggest...
Environmental cost
02 Jul, 2022

Environmental cost

THE collective impact of climate-disaster-health hazards are already taking a huge toll on Pakistan’s fragile...