KARACHI: The US dollar appreciated by 60 paisa in the open market against the rupee during the last two days that could escalate the impact of yuan devaluation on Pakistan, local media sources reported.
Experts project increase in import of Chinese products and additional advantage to China over Pakistan in the global market.
The trade balance is already in favour of Beijing. The local industry complains of dumping of cheaper Chinese products in the market, reportedly.
Since the imposition of withholding tax (WHT) on banking transactions, another group of buyers appeared in the open market. Traders protesting against WHT are buying dollars, making payments through it and saving it in their bank lockers, reportedly.
