ISLAMABAD: The US dollar has appreciated by Rs2 in the open Currency market.
The Pakistani rupee has depreciated to Rs 146 in the open market following the rise in dollar.
Dollar, however, remains constant in interbank remained and is being traded at Rs141.39.
According to forex Association of Pakistan, the buying and selling rates of dollar in open market were recorded at Rs143.20 and Rs 143.95 on Tuesday.
Last week, the exchange rate of Dollar in open bank had increased by Rs2 and is being traded at Rs144. Dollar appreciated by as much as Rs 3 in the open market in the last week.
According to a report, money changers said that the price of rupees is falling continuously due to which the market has become unstable. People are buying a lot of Dollars, decreasing them in the market.
When PTI government was formed, dollar was valued at Rs123, but due to continuous decline, it has now reached to over Rs144.
The hike in the value of dollar comes as Pakistan and the International Monetary Fund (IMF) have reached a deal for Rs6 billion bailout packages.
Business leaders are of the view that IMF’s sponsored budget will result in contraction of the troubled economy and take a toll on the masses struggling to make both ends meet.
The new taxation measures to improve the revenue collection will also hit the business community and the masses, widen the gulf between taxpayers and tax collectors and promote tax evasion.—INP