KARACHI: The US dollar gained a new all-time high in the open market as it surged by Rs3.50, reaching Rs323 compared to its previous value of Rs319.50.
Following the induction of the caretaker government, the dollar’s value has risen by Rs326 within the open market. Similarly, within the interbank realm, the US dollar experienced a rise of Rs1.9, concluding at a fresh record peak of Rs305.54 paise.
Since the inception of the caretaker government, the dollar’s cost has escalated by Rs17.5.
In the aftermath of the caretaker government assuming power, the nation’s debt has surged by Rs2100 billion due to the upward trajectory of the dollar’s value.
Globally, the US dollar was squeezed ahead of consumption, inflation and jobs data that could add to evidence of a softening economy.
US payrolls data is due on Friday (tomorrow), and the dollar has been under pressure as second-tier figures this week such as job openings and private payrolls have pointed to softness.
Overnight the Commerce Department revised down second-quarter growth to 2.1% from an estimate of 2.4%.
The dollar index, while still up more than 1% for August, has fallen 1% for the week so far as traders reckon U.S. interest rates may have stopped rising – even if they stay high.