Dollar rate increases in open market following rumours of rupee devaluation

KARACHI: The ongoing political situation in the country has increased the open-market dollar rate to Rs 107.50.

On the other hand, SBP Foreign Exchange Executive Director Irfan Ali said, that the State Bank of Pakistan (SBP) will not be devaluating the Rupee and would ensure a steady supply of dollars to meet the market demand.

A delegation of the Forex Association called on Irfan Ali on Friday and expressed concerns at the rise in the dollar rate in the open market. The demand for the US Dollar has increased due to the uncertain political situation in the country and rumours of rupee devaluation by the government.

Since the rumours, there has been a difference of Rs 2 between the inter-bank and open markets.

Moreover, the dip in the Pakistan Stock Exchange continues as the KSE-100 index dropped below its 12 months lowest on Friday, taking the present level to around 39,580.

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