British Pound Up; US Dollar Nominal against Pakistani Rupee
Pakistan Times Business & Commerce Desk

KARACHI: While the British Pound continues to swell – hitting all-time ceilings with the advent of every dawn – the US dollar was seen nominally appreciating against the rupee, as the buying price of dollar swelled up by paisa 15 and the selling price by paisa 20 in the last two business days since the imposition of emergency in the country.

The UK Pound Sterling which was 124.50 on Monday went up to 127.5 – 127.7 in Pak Rupee on Wednesday.

Euro has also shown upward trend costing; 89.15 – 89.35 against Pakistan Rupee. Forex experts are of the view that the value of the British Pound and Euro is likely to increase still more – while no significant change is expected vis-à-vis US Dollar.

At the same time, money market analysts say that the market remained safe from the initial turmoil in the wake of the enforcement of emergency, as it was the non-working day besides a political system still existed in the country, which together resulted in the market seeing not much sale pressure in rupees.

Analysts said that that the State Bank of Pakistan was keeping a close watch on the money market and, therefore, there was no possibility of a major change in the rupee value in near future.●