News Column

Dollar hits six-month high against rupee

August 26, 2014

The US dollar rose 63 paisas in the interbank market on Monday after which it touched the Rs103.30 mark, sources reported. Moreover, the Karachi Stock Exchange (KSE) 100-index staggered to the level of 28, 650 after a decline of 220 points in the morning trading session, according to the KSE website.

Experts have blamed the current political situation for what they call the rupee's instability and feared that it may further devalue if the situation does not normalise soon. Earlier, currency experts had predicted that the dollar's high tide would fall and the rupee would strengthen its position. The developments come in the wake of Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan's threats to storm Prime Minister House if Nawaz Sharif does not resign within the so-called deadline that the PTI chief had earlier announced.

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Source: National Herald Tribune (Pakistan)

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