US dollar hammers Pakistani rupee hard again
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The US dollar continued smashing Pakistani rupee as its value again appreciated by 50 paisas on Friday in the interbank trading, reported 24NewsHD TV channel.
The always fluctuating forex exchange market of the country again showed a robust trend for the US dollar as the greenback which was soaring high for the whole week closed the day at Rs180.57 after gaining 50 paisas against Pakistani rupee. Yesterday, the US dollar was closed at Rs180.07 in the interbank trading.
The dollar rate in the open market on Friday was Rs181.70 after a gain of 90 paisas.
The economic experts believe that the country would be hit by a flood of inflation as the rate of dollar is going up. The production cost will increase manifold, they add.
Exchange Companies Association General Secretary Zafar Paracha has said that in a period of two weeks, dollar rate has gained Rs2.87 owing to which country’s foreign debt has risen by Rs300 billion.
The business community is also worried over the US dollar’s continuous trend of appreciation. Industrialists are of the view that with the dollar rate going up, the raw material and machinery are also becoming expensive thus pushing up production costs.
Reporter Ashraf Khan