KARACHI – All the tall claims from Finance Minister Ishaq Dar dashed to the ground as the rupee fell to its lowest against the dollar this year in the open.
The dollar rose to PKR109 in the free market, from PKR108.60. The dollar strengthened by PKR0.40 due to demand in the open market.
The US currency increased to Rs104.85 in the interbank market, after an increase of 1 paisa (PKR0.1).
The difference in dollars’ worth in the inter-bank and open market exceeded PKR04.
Exchange Currency Association general secretary Zafar Paracha said that dollar continues to rally against rupee despite steps taken by the finance minister to prevent gold and dollar smuggling.
“The government will have to take immediate action against illegal money-changers and gold smugglers to stop the further hike in dollars’ worth,” he said.