Dollar’s flight continues, touches Rs209 mark

Economic analysts say volatility of Rupee would stay until key issues resolved

The upward trend in the dollar price continued as the greenback reached its new highest value of Rs209 in the interbank market on Friday.

According to the Forex Association of Pakistan (FAP), US dollar was being traded at a new price of Rs209 on Friday afternoon. Previously on Thursday, after an increase of Rs1.35 the price of dollar was Rs207.75 in the interbank market during the day.

Balance of payments crisis along with continuously falling foreign exchange reserves of the country have been the main reason behind the decline in value of Pak rupee.

On the other hand, financial experts say the budgetary measures are also required by the government. They have said that the additional measures required by International Monetary Fund (IMF) for strengthening the budget can play a pivotal role in stabilizing the economic situation.

The analysts have been saying that the concerns raised by IMF, current account deficit, need of more direct taxes along with subsidies by government have created uncertainty.