KARACHI: United States (US) dollar on Monday came down to Rs 119.5 from a rate of Rs 121 reached earlier today.
According to foreign exchange dealers, the greenback came down by Rs 3.88 in inter-bank market.
Earlier the US $ rate stood Rs 115.63 p, after which it soared up to Rs 121.
The hike in the value of the foreign currency led to increase in imports and a widening of the current account.
Earlier in March the US dollar soared up to Rs 4.93 in the inter-bank market to hit a high of Rs 115.5 before coming down to Rs 115.
However, the currency had reportedly peaked upto Rs 116 in the open market.
The Pakistani rupee has observed a 4% decrease in the inter-bank market as a result of increase in dollar’s rate.