The dollar rose further by Rs 3.25 to Rs 189.25

The dollar rose further by Rs 3.25 to Rs 189.25

The value of the dollar continues to rise sharply against the rupee and the dollar has reached an all-time high of Rs 189.25 after rising by Rs 3.

The dollar continued to appreciate in the country on Thursday and the dollar appreciated by three rupees against the rupee.

The dollar reached the highest level in the history of the country at Rs 185.2

On Thursday, the value of the dollar rose by three rupees to reach the highest level in the history of the country and one dollar became 189 rupees 25 paise.

Malik Bostan, chairman of the Forex Association, expressed concern over the continued depreciation of the rupee, saying that the continued rise in the value of the dollar was hurting the economy.

He said that due to the appreciation of dollar in one month, the burden of external debt has increased by one thousand billion rupees.

He said that deadlock in the ongoing negotiations with the IMF and increasing imports were increasing the pressure on the rupee due to which the rupee was weakening day by day.

The chairman of the Forex Association called on the SBP to intervene to control the price and take action against the banks involved in the speculation.

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He also appealed to the Supreme Court to give an immediate verdict on political issues so as to end the uncertainty and end the atmosphere of unrest.

Currency dealers, on the other hand, say importers are having difficulty arranging dollars for payments.

While the government itself is in crisis due to the political situation, policy makers are unable to give any clear reason for the day to day depreciation of the rupee.

Traders and industrialists say that the free float exchange rate idea is not working and they are appealing to the State Bank of Pakistan to play its role in bringing stability as exchange rate fluctuations are a serious threat to the economy.

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He said that due to the worst depreciation of rupee, production cost has already increased by 20% which has led to sharp rise in import cost of raw materials.

The SBP has remained silent on the current state of the rising value of the dollar, while the government has said that this is due to the growing demand for the dollar from importers.

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