KARACHI - The US Dollar closed at Rs 93.30-93.20 in open market and Rs 92.10-92.30 in inter-bank that made local currency’s value down further here on Monday.

Exchange Companies Association of Pakistan Malik Bostan said increasing demand of greenback in international market was the main reason of Pak rupee decline.  He added that fall of rupee value will be continued because of rising demand of dollar.

He said that not only in Pakistan, dollar has gone up around the world including India, Bangladesh, Sri Lanka, United Kingdom and Euro zone. Especially in Indian currency went down Rs 10 as compared to Pakistani against dollar.

The US dollar has appreciated against various international currencies including all South Asian currencies in recent days. Currency value in Pakistan was rather stable as compare to other countries against dollar over the last six months.

Experts said it looked that rupee was on the track of free-fall versus dollar as State Bank of Pakistan (SBP) would pay nearly $400 million to the International Monetary Fund (IMF) during the current week and that factor caused panic-like situation in the market.

Malik Bostan said that it was not an unexpected phenomenon as local currency faced the same situation last year, adding that due to upcoming Haj and Umarh seasons, dollar demand would go further up. He said that it not a good time for those who want to invest in dollar.  Despite rupee’s depreciation in last some days, people should not panic, he advised.  “Last year”, he said, “dollar shot up by five rupees in a short span of time but soon recovered”, he added.