Dollar gains Rs 3.25 in Interbank owing to coronavirus panic
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KARACHI: The dollar appreciated by Rs 3.25 in the interbank market taking benefit of the coronavirus on Monday and now closed at Rs 157.50 to Rs 157.75.
According to the official sources, there was a panic in the stock market and others financial market since the morning as the foreigners are withdrawing their money from Pakistan while people are also opening Letter of Credit (LCs) in the interbank market. “There was a pressure on the interbank market today,” the official said.
In the morning, the dollar opened in the interbank market at Rs 154.94 up by 70 pasis. It also start traded at Rs 1 in open currency market.
Owing the pressure, the Pakistani rupee in the interbank market devalued against the US dollar by Rs 3.25 and trading closed at Rs 157.50 at 5pm.
Meanwhile, the dollar is being traded at Rs 156.50 for buying and Rs 157.00 for selling in the open currency market, the currency traders said.
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