Karachi June 7 2022: The dollar rose sharply against the rupee on Tuesday as the dollar rose to Rs 3.94 against the rupee.
The dollar is currently trading at 203.90 after touching the 204 mark in the interbank market.
Yesterday, the dollar closed at Rs 200.06. On the other hand, in the open market, the dollar rose by Rs 4.50 to Rs 205.
According to currency dealers, the main reason for the current depreciation of the rupee against the dollar is the need for dollars for oil products as foreign banks have opened LCs for Pakistani oil products at 15-20% cash margin. Now foreign banks are demanding 100% cash margin for this.
According to him, Pakistan is considered a high risk country by foreign banks and they are reluctant to open LCs for import of oil products.