KARACHI: The US Dollar continued its surge against the rupee on Tuesday, gaining 67 paisa to reach another high of Rs175 in the intraday trade, up from the previous day’s closing rate of Rs174.43.
According to details, the dollar has crossed 175-level to trade at Rs175.10 on the second business day of the week as compared to the previous working days in which dollar closed at Rs173.96.
The continuous increase in the value of the dollar has not only increased debt burden on the country by Rs 2750 billion but has also contributed to hike in prices of everyday use items. Since the start of financial year, dollar gained by 11 percent.
The rupee’s slide against the US dollar continues despite a number of measures introduced by the State Bank of Pakistan (SBP) to ease the pressure on the exchange rate.
Earlier, SBP Governor Reza Baqir created quite a stir on social media after he defended the rupee depreciation saying it benefited overseas Pakistanis and claimed that inflation in the country was artificial and would be controlled.
