US dollar hits highest level of history against Pakistani Rupee

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US dollar hits highest level of history against Pakistani Rupee

KARACHI – The Pakistani rupee plunged to an all-time low on Friday against the US dollar after the importunate delay in the resumption of the International Monetary Fund’s $6 billion loan programme.

Reports in local media said the USD rose by Rs1.70 and was being traded at Rs178 around 12:30 pm today.

Financial experts said the dollar depreciated after Saudi Arabia revived financial support and oil supplies to the South Asian country however dollar surged following Shaukat Tarin’s prediction of further rise in the US currency.

Another reason that contributed to the record surge is the delay in the finalization of the IMF loan program. Islamabad reportedly completed almost all conditions of global lender including the increase in power tariff however both sides are yet to reach an agreement on the condition of autonomy for the State Bank of Pakistan.

Last month, the dollar crossed the Rs175 mark to set a new record. With a fresh drop of 0.72 percent on Thursday, the rupee has lost a total of 2.48 percent against the greenback compared to the five-week high.

The increased USD also sent gold prices soaring as rates in the local market increased by Rs3,300 per tola on Thursday.