The dollar continues to soar to exorbitant rates in the domestic exchange market.
The dollar touched an alarming high of Rs 162.50 on the Interbank Foreign Exchange (IFEX) on Friday and rose further by 84 paisas on the interbank market.
— SBP (@StateBank_Pak) July 23, 2021
Reports state that by the end of the interbank trading day, the dollar was trading at 162.32 rupees.
In the first 23 days of the current financial year, the dollar rose by Rs 4.78 in the interbank exchange market.
Currently, the dollar stands at an exchange rate of Rs. 160.70. The rupee continues to fluctuate in the time of COVID-19, wherein it also saw a strengthening against the US dollar.
It is to be noted that up until March, 2021, the Pakistani rupee, appreciated the most against the USD out of all currencies in the world in 2021, emerging as the best-performing currency of the time.
Pakistan has a history of unstable currency, which causes rise to inflation, unfortunately, the inflation doesn’t often contrast positively with people’s incomes.
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