Dollar appreciates 7pc since May

Fears higher demand for dollars in the coming months has already pushed its purchase as it has appreciated by seven per cent against the local currency since May this year, a local media outlet reported on Saturday.

The dollar traded at Rs162.43, an appreciation of 54 paisa, on Friday, showing an appreciation of 7pc against the local currency. In May the dollar traded at a rate as low as Rs152.28.

In terms of the rupee, the dollar has appreciated by Rs10.15 since May which shows the exchange rate is not managed by the State Bank of Pakistan (SBP) but it also shows the exchange rate is not stable.

The dollar traded in the open market at Rs163.50 but the turnout was low as demand in open market is still low.

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