US Dollar continues to gain value

ISLAMABAD: The US dollar continued to gain value against the local currency with an increase of 60 paisas in interbank on Friday.

The new price of the US dollar reached Rs287.50 in the Interbank.

As per the Forex traders, the rupee depreciation continued on the last trading day of the current business week.

The local value continued to lose its value against the mighty US dollar despite its best performance in September this year after the crackdown and short-term measures to lift the local economy and to re-gain the lost value of the rupee i.e arresting the persons involved in hawala/hundi business across the country.

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In a related development, Moody’s Investors Services (Moody’s), in its latest report, warned that with the lowest level of exports of 10.5 percent of GDP, Pakistan is the most vulnerable to a balance of payment (BOP) crises among South Asian sovereigns.

The rating agency, in its latest report, ‘Sovereigns – South Asia, Low trade openness fuels vulnerability to shocks and curbs growth in the longer run’ stated that Pakistan and Sri Lanka are most vulnerable among the four sovereigns.