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Dollar reaches Rs103.30 as rupee continues to nosedive

Dollar reaches Rs103.30 as rupee continues to nosedive

KARACHI: The US dollar gained 63 paisa in the inter-bank currency exchange on Monday, reaching Rs 103.30 mark as uncertainty continues to prevail on the political horizon in the country.
The experts blame the current political situation for frailty of rupee and fear that it may further depreciate if the situation did not return to normalcy.
Earlier, currency experts had predicted that the dollar’s high tide would fall and rupee would strengthen its position. But the stubborn stance of the protesting parties and rigid response of the government dashed all such expectations and hopes of positive market outlook.
The developments come in the wake of Pakistan Tehreek-e-Insaf (PTI) Chief Imran Khan’s demand for the resignation of Prime Minister Nawaz Sharif before any agreement with the government. A similar call has been made by Pakistan Awami Tehreek (PAT) Chief Allama Tahirul Qadri who wants dissolution of the entire government and assemblies.