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KARACHI, (MANEND NEWS): The exchange rate on Monday remained under pressure as the US dollar continued its upward spiral against the the local currency.
According to the State Bank of Pakistan (SBP) the dollar closed at Rs187.53, a rise of 90 paise over the last closing. On May 6, the US currency appreciated by 94 paise to Rs186.63.
The surging dollar has shattered the confidence of rupee-based economy and its stakeholders. The unprecedented increase in the imports has already inflated the economy, while the expensive inputs have sharply increased the cost of doing business.
Currency dealers reitereted the higher demand for dollars as the key reason for the bullish trend. They were not sure how long the exchange rate uncertainty would persist, but said the uncertain political system would further weaken the local currency in coming days.