Dollar selling at Rs85 in open market

Updated at: 1329 PST, Friday, October 17, 2008
KARACHI: The national currency remains under pressure in interbank market, as the dollar is being traded at a new high of Rs83.60 here on Friday.

According to dealers, the US dollar is seen trading at Rs83.60 with the increase of Rs1.60 paisas in the interbank. The greenback closed at Rs81.80 in interbank on Thursday.

In the interbank market today, the rupee commenced the last day of business week on a negative note as it extended its weakness versus American currency. The rupee witnessed sharp decline by Rs2 even before the start of trading in interbank. On the other hand, dollar was seen trading at Rs85.50 in the open market.

According to some reports reaching here, dollar is being sold at Rs87 in some money exchangers also. Forex market dealers told Geo News that everybody was looking for dollar and that is why greenback was gaining value over frequent demand.

Experts warned that people doing short-term investment in dollar might face hug losses as world financial institutions and China could provide US$6 billions to Pakistan. AKD analyst Asad Farid urged on the government to undertake long-term planning for improvement in exports to strengthen the falling economy.