Dollar surges to Rs194 after gaining Rs1.47 in interbank market

KARACHI: Following the poor display by the Pakistan Stock Exchange which lost over 1000 points, the local currency decline against the dollar. The local currency is losing its value owing to the government’s decision to not remove subsidies which goes against the demand of the International Monetary Fund (IMF) for release of the $1 billion tranche.

During the early half of the trade, the dollar lost Rs0.15 and traded at Rs192.38 against its value of 192.53 on Friday. But the gain in local currency didn’t last much longer as the dollar gained Rs1.47 and traded at Rs194 in the interbank market.

According to forex dealers, the greenback is being traded at Rs194.25 in the open market.

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