Dollar continues upward rally vs rupee

KARACHI: The dollar continued to make record highs against the rupee in the interbank, dealers said on Wednesday.

The two reasons behind the increase were - repayment of foreign loans and higher demand of the greenback by the importers and exporters for opening letter of credit.

Central Bank Governor, Yasin Anwar’s disclosure yesterday regarding the foreign exchange depletion by half added fuel to the fire and the dollar surpassed all past records reaching at Rs93.20 in the inter-bank, while it was trading at Rs94.00 in the open market.

Dealers said that dollar Wednesday made yet another gain of 35 paisa due to continued high demand.

Analysts said that dollar overall during the current year gained Rs7.00. They said that the rising value of dollar adversely impacted the cost of imports making goods more expensive a cost ultimately passed on to the consumer.