The dollar saw escalation of Rs 9.5 on Friday morning, and it jumped to 143.5 in the interbank market. This is the highest ever touched in the history of dollar.
On November 29, the dollar closed at Rs134. The second highest gain in just one day is Rs9.26 on October 9. Before this the price resided at 134.5.
The Rupee is de-valued against dollar once again and the State Bank of Pakistan has acknowledged the dollar’s rise but they stated they cannot say anything before the price settles down. The day ends at around 3:30pm or 4pm.
It is said that the hike in dollar price is because of the immense gap in demand and supply.
State Bank has reserves of $8 billion currently. Since the Saudi aid has added into the financial circle there is no big payment received. This is because of the IMF negotiation delay with Pakistan. The IMF delegate came to Pakistan and no agreement could be reached out and further Asad Umer said that Pakistan is not in hurry to come up with a deal with IMF.
The news was enough to shake the market. The only reason that seems to be obvious now is State Bank of Pakistan used to push dollars into the market to appreciate the value of money and now they are no more doing it.