US dollar hits historic level against Pakistani Rupee after a big jump

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US dollar hits historic level against Pakistani Rupee after a big jump

KARACHI: US dollar hits historic level against Pakistani Rupee

The US dollar reached an all-time high of Rs146.25 in the open market on Wednesday.

The dollar reached the all-time high in Pakistan after an increase of Rs2.25.

The increase comes following Pakistan's agreement with the International Monetary Fund (IMF) securing a $6 billion bailout on Sunday.

At the start of the week, Pakistani stocks fell as investors and analysts expressed doubt over the reported conditions of the deal.

"The investors have taken the IMF conditions as negative, especially with regard to free float of the rupee against the dollar and increasing the interest rate," Yawar Uz-Zaman, head of Research at Shajar Capital, a brokerage house in Karachi told AFP.