US dollar rate goes down by Rs1

KARACHI: The rate of US dollar went below Rs150 in the interbank market on Monday after touching historical high last week.

The US dollar slipped by Rs1 and was trading at Rs149.90 in the interbank market.

Last week, the rupee consistently slid down when it reached the highest level of Rs153 against the greenback on May 21.

It may be noted that the rupee went into free fall following three days when PM’s adviser on Finance Abdul Hafeez Sheikh announced the finalization of a three-year bailout with the International Monetary Fund (IMF) for $6 billion.

In the wake of unstable market situation, religious scholar and founder of Jamia Binoria Mufti Naeem said that hoarding of dollars amid economic crisis in the country was not permissible (in Islam).

People should sell dollars to help the country get out of economic crisis, Mufti Naeem said adding that hoarding and profiteering were the reason behind rise of inflation.

The scholar said there was need to stabilize value of rupee by putting behind differences.

Another scholar Mufti Taqi Usmani also told the nation that purchasing dollars at this time, in order to sell them off as the rupee devalued, was a grave sin.