Daily Times

The US dollar on Monday firmed against the Pakistani rupee, gaining Rs1.50 in the interbank market to Rs150.40. The greenback also gained in the open market by Rs1.70, with one dollar trading for Rs150.50. Currency dealers held the financial year end, coupled with baseless rumors about a higher future value of the dollar, responsible for the situation. According to dealers, dollar flight has increased because multinational companies are taking profits out of the country as the book closing date – June 30 – is approaching. As a result, they said, demand for the greenback has increased, putting the interbank market under pressure, whereas the open market is just following suit. On the last trading session, the dollar was trading at Rs148.8 and Rs148.9 in the open and interbank markets respectively. Meanwhile, gold closed at its all-time high. The yellow metal gained value by Rs700 per 12 grams and traded at Rs72,400. The capital market also shed 938 points due to political uncertainty and upcoming budgetary measures.