KARACHI, Dec 9: The US dollar appreciated against the Pak rupee on Saturday after the IMF report that the rupee was over valued.

The dollar, which is kept as reserves by both the government and the people, has been increasing for a couple of months.

Market experts said that the dollar touched Rs60.98 in the inter-bank market from Rs60.88, a decline of 8 paisa, but most of the deals were made at Rs60.96. Experts said that the dollar gained on account of IMF report that the rupee was over valued. The market forces interpreted that the rupee might face depreciation in future.

“This is not new for the market that the rupee is over valued and there is chance of depreciation but I don’t see possibility of any sharp decline in the value of rupee,” said Asif Ahmed, an expert on currency market.

The exchange rate has been stable for more than two years, which brought stability in the economy and any sudden rise or fall in the value of rupee could destabilise the trend of high economic growth, he said.