Dollar remains at same high of Rs 134

KARACHI  – The value of US dollar on Wednesday remains at the same high price of Rs134 while rupee has dropped 36 paisa against the greenback.On Tuesday, the domestic currency had registered a jolt after importers  demand has hit the market and exporters swayed from the session. The rupee had hit the all-time high mark of Rs136 to dollar but most of the time trade around Rs134 but at the close the currency finished at Rs133.64 level.The slide was around 7.5 percent or 9.39 rupees, which opened the flood gate of price increase in all the domestic commodities that are dependent upon the importsThis was the second biggest slide in single session, first was witnessed in 1999 on May 19, when the rupee depicted a slide of 10 percent.Depreciation to increase the price of all the imported stuff like petroleum products, edible oil, milk powder, electronic items, mobile phones, dry fruits , tea and spices and other products.This hike in dollar value would be a reason of an increase in the prices of petroleum products, eatables, dairy products, mobile charges, transport and vehicles.With a sudden increase in dollar’s value there is a possible threat of inflation and economic instability.According to economists, the value of Pakistani rupee is declining due to increased imports, low remittances, debt and interest payments.Experts recommended to take every possible step to avoid further increase in the value of US dollar.

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