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Dollar surges past 193 record high price in inter-bank, stock market gains 287 points

According to the Forex Association of Pakistan, the day’s start saw the greenback appreciating by Rs1.10 from the previous day’s close of Rs192 and reaching Rs193.10 around 11am in the interbank trade.

ISLAMABAD: The US dollar continued its forward journey against Pakistani rupee for the fifth consecutive day and surpassed Rs193 price-level on Friday at 11:30am, setting a new record with 193.10 rupees rate in the inter-bank and 194.50 rupees in the open market.

Pakistan Stock Exchange, nevertheless, demonstrated little recovery and gained 287 points on Friday, till 12 Noon. The KSE-100 index crossed 43K level, staying around 43,186 points at this time.

Dollar Background

On Thursday (May 12), the dollar-rupee exchange rate closed at Rs192 in the inter-bank trading, but on Friday, this exchange rate hit the mark of 193 rupees with no surprise to people who are anticipating dollar-rupee parity around 200 rupees in few days as the new government is completely silent on the unbridled growth of dollar.

According to the Forex Association of Pakistan, the day’s start saw the greenback appreciating by Rs1.10 from the previous day’s close of Rs192 and reaching Rs193.10 around 11am in the interbank trade.

Today is the fifth consecutive day that the dollar has risen to a record high against the rupee, with the international currency hitting a high of Rs188.66 in the interbank market on Tuesday, then soaring to Rs190.90 on Wednesday and rising past Rs192 on Thursday.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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