Rupee slides yet again; reaches 122/122.50 in interbank

MG News | June 14, 2018 at 11:49 AM GMT+05:00

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Dollar in the interbank market gained another 1.95 percent today as it gained almost Rs. 2.10 reaching Rs. 122/122.50 reaching to an all-time high due to an increase in demand from companies to meet import payment commitments.

According to the word on street, rate was mainly affected by oil payments worth $75 million made by Pakistan State Oil (PSO) and National Refinery Limited (NRL). Oil Companies flocked to exchanges in order to book available dollars for their import payments.

Furthermore, in addition to that the due to the holiday season about to kick in, demand has surged significantly as companies are looking to buy dollar to meet import payment commitments.

Dollar in the interbank market during the week has reached to all time high gaining more than 5.9 percent.

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