US Dollar hits highest level of history against Pakistani Rupee

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US Dollar hits highest level of history against Pakistani Rupee

ISLAMABAD - US Dollar hits highest level of history against Pakistani Rupee.

The dollar was trading at Rs140.35 in the open market Monday afternoon, up nearly 11 paisa from its rate of Rs140.24 when the market closed on Friday.

The greenback hit Rs140.5 in the open market on Friday, breaching its previous high of Rs140.3 that it hit in November last year, keeping buyers and sellers on their toes, especially in the second half of 2018. However, it closed at Rs140.24.

Last year, the dollar appreciated 27% against the rupee, witnessing two of its biggest ever single day jumps in the short span of one and a half months. It was one of the most volatile years in terms of exchange rates.

Experts attribute last year’s rise in dollar rates to our depleting foreign exchange reserves, which fell below $7 billion in December. This level was not sustainable beyond two months of import payments. The shortage of dollars had kept rupee under pressure for most of 2018 and resulted in its devaluation.