Karachi: The United States Dollar (USD) on Wednesday witnessed a 0.51 per cent increase in its value to reach PKR 158.6 during intraday trading session, a news source reported.
By 4:26pm, the dollar had risen by PKR 0.8 in the interbank market. At the start of the day, it stood at PKR 157.8 – a sharp jump previously recorded on Monday when the dollar had reached PKR 157.9.
“International investors have been selling their stakes in the stock exchange, which has created demand for dollars,” Dawn quoted former general secretary of Exchange Companies of Pakistan, Zafar Paracha, as saying.
“The T-bills, which attracted hot money inflows, are also set to mature in less than a week… The rupee shouldn’t have lost value as the dollar itself has declined against the euro but the coronavirus outbreak has induced part panic, part speculation among investors,” he added.