Dollar soars to Rs168 intraday

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KARACHI: The rupee continued with its upward trend against Greenback, reaching an intraday high of Rs168 in the interbank on Tuesday.

The trend could be attributed to foreigners selling T-bills. The magnitude of this sell-off could be witnessed from $150 million worth of T-bills sold on Monday, leaving approximately $900 million.

However, this is not only limited to Pakistan and it is experienced across the board in emerging economies.

However, some assurances on the trade account will prevent the worsening of the value of the rupee.

“As the size of reserves is small, therefore handling the currency parity in this avalanche is tricky. As soon as situation normalizes, flights from Dubai resume and Pakistan receives aid money from multilateral institutions, PKR-USD parity is going to stabilize” comments Sami Tariq, the head of research and business development at Arif Habib Limited.

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