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Dollar rises to Rs-144 on 30th November 2018

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Dollar witnessed an increase of Rs 8 in Pakistan after crash landing of the rupee on Friday.

The dollar is being sold at the highest level at Rs 142 in inter-bank.

Experts attribute rupee’s persistent weakness to balance of payments crisis and dwindling foreign exchange reserves. In the coming weeks rupee could slump further to as low as Rs-150.

With the devaluation of rupee, the external debt on Pakistan swelled by a staggering Rs 760 billion.

The development comes a day after Pakistan Tehreek e Insaf government presented its 100 day performance.

The devaluation is likely to cause an increase in inflation and interest rate, effecting investment in the country.

State Bank of Pakistan is of the view that this adjustment in the exchange rate along with lagged impact of recent hikes in the policy rate and other policy measures to contain imports will correct the imbalances in the external account,” it continued, adding the SBP will continue to closely monitor the situation and stand ready to intervene in case of any unwarranted volatility in the foreign exchange market.

READ ALSO: Rupee exchange rates against major currencies on 30-11-2018

Closing exchange rates at the end of the day on 30-11-18 were; 139.25 for selling and 138.75 for buying.

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