US dollar likely to hit Rs 160 mark against Pakistani Rupee

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US dollar likely to hit Rs 160 mark against Pakistani Rupee

KARACHI – US dollar likely to hit Rs 160 mark against Pakistani Rupee.

The US dollar gained Rs2 against Pakistani rupee in the open market on Wednesday.

There are strong speculations that the local currency will depreciate further to Rs 160 mark after the signing of a bailout agreement with the International Monetary Fund (IMF).

Experts believe that the sudden devaluation of local currency against the US dollar and the greenback hitting a high of Rs146 is interlinked with the government s commitments to the IMF.

According to currency dealers, dollar was trading at Rs146 in the open market, whereas in the interbank market it remained stable around Rs141.39.

The Pakistan Stock Exchange (PSX) benchmark KSE 100-share Index has gained 425 points and rose to 34,310 points on Wednesday.