KARACHI: With economy in doldrums and low investor confidence, dollar rose to Rs207 in the interbank market here on Thursday morning. Dollar has risen by Rs24 ever since the coalition government took charge in April earlier this year.
The Forex Association of Pakistan (FAP) said that dollar had risen by Rs1.35 compared to yesterday’s rise of Rs1.30. The situation in the open market is not any different either with dollar being traded at Rs208.5.
Pakistan faces a serious economic crunch at the moment. With the finance minister having publicly admitted that default was on if the IMF did not help, the situation looks worse for the middle and lower-class that are set to be hit the worst by the upcoming inflation.