US dollar hits highest level of history against Pakistani Rupee
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KARACHI: US dollar hits highest level of history against Pakistani Rupee.
The US dollar reaching a new all-time high in the interbank and open market on Tuesday.
In the open market, the dollar rose by Rs3 and was being sold at Rs154. The buying rate for the dollar in the open market was Rs152.50
With an increase of Rs2.72, the dollar reached Rs151.92 in the interbank market.
The rupee has been falling against the dollar following an agreement with the International Monetary Fund on a $6 billon loan with expected strict conditions including a “market determined” exchange rate.
The rupee’s official exchange rate is supported by the central bank under a de facto managed float system and many analysts consider the currency to be overvalued.
According to data from the State Bank, the central bank’s foreign exchange reserves as of May 3 stood at $8.984 billion, equivalent to less than three months of import payments.
