KARACHI: On Wednesday, the US dollar gained 65 paisa in the interbank market during intraday trading. In the interbank market, the dollar traded at Rs177.50 and sold at Rs178.50 in the open market, according to the Forex Association of Pakistan (FAP).
According to some analysts, the dollar will swell to Rs180 following the high inflation rate, and the foreign exchange reserves decline. President of Forex Association Pakistan Malik Bostan has attributed the hike in the dollar rate to the rise in imports and believes that the IMF package could strengthen the rupee.
General-Secretary Exchange Companies Association of Pakistan Zafar Paracha said that the market could improve if Sukuk bonds of $1bn were issued. The dollar has gained Rs18.88 or 12 per cent against the rupee since July this year.