*ISLAMABAD – US dollar reached an all-time high of Rs135.2 in the firsthour of open market trade on Friday.*
The dollar has appreciated more than 25% against the rupee since December2017 and remained very volatile in the last four months. Since mid-July, itrose or fell sharply on at least three occasions, witnessing its highestever single-day jump of Rs10 on October 9 when it traded for Rs135 in theopen market.
The volatility in the dollar rate was primarily because of a delay in thegovernment’s decision to seek a fresh loan from the International MonetaryFund (IMF) to shore up its depleting dollar reserves, a must to keep theeconomy afloat.
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After Pakistan officially approached the Washington-based lender foranother bailout and secured an aid package of $6 billion (half of which iscredit for oil imports) from the Saudis in late October, the dollar camedown slightly. It was trading in the range of Rs133 to Rs134.
