Rupee weakens against dollar

Rupee weakens against dollar

Rupee weakens against dollar

The US Dollar increased by Rs 6 and reached at Rs127.5 in interbank market on Monday (today). The rupee was devalued thrice against the dollar in the fiscal year 2018 which resulted in a decline in foreign exchange reserves.

According to forex dealers, the United States dollar saw a rise of Rs0.76 in the interbank market today.

When the dollar rises up against the rupee, every commodity and service which is paid in dollar becomes expensive.

With a sudden increase in dollar's value there is a possible threat of inflation.

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The dollar gained by a further Rs6.75 against the rupee to touch its new high in the interbank market, a private news channel reported. Not only that, Pakistan's trade deficit has widened to $37 billion as imports are 2.5 times higher than exports.

The central bank says that this movement in the exchange rates reflects the demand-supply gap of the foreign exchange in the interbank market. A permanent end to the external account crisis can only be achieved through increasing our export earnings and scaling down the imported goods.

Pakistani rupee once again depreciated against United States dollar by 40 paisa, just after the day dollar price augmented by Rs6.

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