The United States dollar jumps to the highest against Pakistani rupee during the day’s trading by 12pm on Wednesday.
The dollar rate in the inter-bank market reaches to Rs106.10 on Wednesday from its previous raise of Rs105.5, which was occurred just the previous day – Tuesday – when it rose from Rs105.25 at the close of trading.
As stated local sources the depreciation of the rupee is behind the rate hike, the dollar has also praised, on the verge closer to a 2-1/2- month high against a bunch of currencies as traders await suggest from the US Federal Reserve about the timing of a US interest rate increase.
Describing the depreciation of the rupee against the US dollar, currency dealers considered it as a planned attempt by the government to bring down the value of the local currency.
Sources from money market claim the government in talks with the International Monetary Fund in Dubai has been forced to diminish the rupee.
Further, the exporters also demanded for a devaluation of the rupee, as said the sources.
The rapid increase in the dollar’s rate against rupee was seen during the last week of August, however, the inter-bank market was clutched by the central bank and the US dollar was in control and not permitted to cross Rs104.50 in spite of higher demand.
“It appears like August replay. The dollar was set free to locate its value in the inter-bank and within minutes it started rising against the local currency,” Atif Ahmed, a currency dealer in the inter-bank market stated earlier.