USD Reaches Historical Highs Against PKR.

In just 3 days dollar took a historical hike against PKR and is being traded at Rs. 168 at the interbank. The value of the currency increased by more than 7 rupees in just 3 days.

The hike took place amidst the novel coronavirus outbreak and it will cause an increase of debt burden on Pakistan. Since the central bank of Pakistan has cut down the interest rate by 1.5% investors are withdrawing their money from Pakistan and is causing the dollar to become expensive.

The experts are of the view that the buying pressure of the US currency was the basic factor behind the huge losses of the local currency.

At the same time, Forex Association of Pakistan (FAP) Chairman Malik Bostan said that the reason for this raise is panic buying of the dollar due to short supply, but when the supply will ease, the rate of dollar will come down.

The value of the US Dollar has risen by Rs8.20 in the last four days alone, after which the total debt of the country has increased by Rs 800 billion.

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