Dollar’s upward trend fuels speculation

KARACHI: At the beginning of March, the US dollar started moving upward against the rupee, creating space for speculative forces to take advantage, said market sources. According to the State Bank of Pakistan (SBP), the dollar appreciated by five paise to Rs279.31 in the interbank market on Tuesday. However, banks claimed the dollar price was higher than quoted by the SBP. For the last three consecutive working days, the rupee has been losing value against the dollar which appreciated from Rs279.11 on Feb 29 to Rs279.31 on March 5. Market sources said the newly formed government in Islamabad will have to face enormous pressure from the International Monetary Fund (IMF) to ease imports.