US Dollar hits Rs128.50 in interbank market

US dollar touches all-time high of Rs128.25 in interbank market

Another round of Pakistani currency depreciation took place on Monday as the USA dollar climbed to all-time high of Rs128.25 in the interbank market amid the recent spate of attacks on politicians ahead of general polls.

Dollar since December has registered an increase of over 21 per cent.

When the dollar rises up against the rupee, every commodity and service which is paid in dollar becomes expensive. This would be the fourth round of devaluation since December 2017 when the currency was hovering around Rs105 to the U.S. dollar.

With a sudden increase in dollar's value there is a possible threat of inflation. On July 13, dollar closed on Rs 121.54 in the interbank market. The State Bank of Pakistan has maintained that the slide in the rupee's value is due to supply and demand dynamics of foreign exchange in the inter-bank market.

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In the first 11 months of the fiscal year, Pakistan suffered from account deficit of $16 billion.

Sources claim that the absence of any check and balance from government and the fragile political situation these days is the sole reason behind rupee devaluation against the dollar.

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