ISLAMABAD – Pakistani Rupee to hit Rs 165 mark against US dollar, mediareports have surfaced.
The Pakistani rupee hit an all-time low against the US dollar by plungingto Rs157 in the inter-bank market on Friday due to rising debt payments anddwindling foreign exchange reserves.
The greenback was being traded at about Rs156.50 in the open market. In thelast five working days, the rupee has lost Rs7.70 against the dollar andthe downward trend is expected to continue in coming days.
In a statement, the State Bank of Pakistan reported that its foreignexchange reserves dropped by $55 million to $7,807.2 million due topayments on account of external debt servicing.
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Analysts and experts said that the rupee is expected to stabilise atRs160-165 against the dollar by the end of this month. Citing the IMF’sconditions for a $6 billion package announced last month, they said thecentral bank has refrained from intervening in the market to rescue therupee.
At the close, the exchange rate of dollar jumped by Rs2.94 in interbank andwas traded at Rs 155.84 as compared to the last closing at Rs152.90, StateBank of Pakistan (SBP) reported on Friday. However according to ForexAssociation of Pakistan the buying and selling rates of dollar in openmarker recorded at Rs156 and Rs157.50.
