Dollar Closed At 121.39 At Inter Bank Market [AbbTakk] 16 Jun, 2018

Dollar Closed At 121.39 At Inter Bank MarketKarachi(June 14, 2018): The rate of dollar closed on Rs121.39 in interbank foreign exchange market Thursday, according to State Bank of Pakistan.Dollar rose to Re1 during the day, also witnessing a sharp increase to Rs122 at one point, states Forex Association of Pakistan. On June 11, the US dollar closed at Rs119.84, after reaching a record high of Rs121 earlier in the day, the State Bank of Pakistan said.The movement is based on foreign exchange demand-supply gap in the interbank market, the central bank said.Increasing imports and a widening current account deficit were cited as the possible reasons for the hike in the value of the foreign currency.Despite the continued growth in exports (13.3 percent in Jul-Apr FY18) and some uptick in remittances, growing imports have pushed the current account deficit to US$ 14.0 billion during the first ten months of FY18, which is 1.5 times the level of deficit realized during the same period last year, SBP said.Related News:Dollar Soars To Rs123 in Interbank Market on Thursday
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