US dollar reached a new high against Pakistani Rupee
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*ISLAMABAD - US dollar reached an all-time high of Rs135.2 in the first hour of open market trade on Friday.*
The dollar has appreciated more than 25% against the rupee since December 2017 and remained very volatile in the last four months. Since mid-July, it rose or fell sharply on at least three occasions, witnessing its highest ever single-day jump of Rs10 on October 9 when it traded for Rs135 in the open market.
The volatility in the dollar rate was primarily because of a delay in the government’s decision to seek a fresh loan from the International Monetary Fund (IMF) to shore up its depleting dollar reserves, a must to keep the economy afloat.
After Pakistan officially approached the Washington-based lender for another bailout and secured an aid package of $6 billion (half of which is credit for oil imports) from the Saudis in late October, the dollar came down slightly. It was trading in the range of Rs133 to Rs134.
