Dollar in inter-bank also went up to Rs88

KARACHI: The rupee dropped to a new record low against the dollar amid concerns of rising import payments due to this year’s floods in Sindh and appreciation in the greenback value against a basket of currencies in the international markets, dealers said.

The rupee in the open market closed lowest in history at 88.60 to a dollar, while in the inter-bank market also dollar closed the highest-ever at Rs88.

Exchange Companies Association of Pakistan (ECAP) said that the dollar appreciated by further paisa 20 against the rupee, while it is being bought at Rs88.40 and sold at Rs88.60.

ECAP president Haji Haroon told Geo News that the appreciation of dollar in the inter-bank market affecting the open market. He said that the diminishing supply of dollar besides other currencies and people preferring not to sell dollar also prompted appreciation in the value of dollar.

Forex market dealers said that the value of dollar was seen up by about paisa 30 against rupee in the inter-bank market also, as a result dollar closed history’s high at Rs88 against rupee.