With Rise In Dollar, Other Currencies Appreciate Against Rupee

Pakistani rupee was devalued against the US dollar by 2 paisa on Thursday

Lahore (UrduPoint / Pakistan Point News – 14th December, 2018) With the increase in the value of Dollar against Pakistani rupee, other currencies have also appreciated.

According to details, the Pakistani rupee was devalued against the US dollar by 2 paisa on Thursday while the value of dollar reached a high of Rs 140 with an increase of 70 paisa in the open Currency market.

The selling price of Euro has reached Rs 157.80 from Rs 156.80 and buying from Rs 158.60 to 159.30.

The selling price of British pound was increased from Rs 173.50 to Rs 175.50 and buying price from Rs 175.30 to Rs 77.00.

Moreover, Saudi Riyal has increased by 15 paisa while UAE Dirham has increased by 5 paisa.

State Bank of Pakistan (SBP) Governor Tariq Bajwa has indicated further devaluation of Pakistani rupee, keeping in view the gap between exports and imports.

Briefing the Senate’s Standing Committee on Finance and Revenue on the recent devaluation of the currency, SBP Governor Tariq Bajwa claimed that the central banks make adjustment as per demand and supply of dollar in the market.

“The exports of the country are recorded at $24 billion against the huge imports of $60 billion, a deficit of $36 billion. If imports are increased, the value of the dollar will subsequently jump in future,” he said, adding that in case the deficits go on in the same pattern, it will be difficult to avoid further devaluation.

Bajwa however said the imports are decreasing in this financial year due to the government’s initiative of imposing regulatory duties.

The imports in the early months of the financial year 2017-18 were increased by 24 per cent, he said.