KARACHI: US dollar rises drastically against Pakistani Rupee, hit highestlevel of history in interbank market.
The US dollar has reached record Rs160 in the interbank market.
According to details, the US dollar rose by Rs2.2 at the start of thetrading on Wednesday morning.
The Pakistani rupee has been falling against the dollar following anagreement with the International Monetary Fund on a $6 billon loan withexpected strict conditions including a “market determined” exchange rate.
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The rupee’s official exchange rate is supported by the central bank under ade facto managed float system and many analysts consider the currency to beovervalued.
According to data from the State Bank, the central bank’s foreign exchangereserves as of May 3 stood at $8.984 billion, equivalent to less than threemonths of import payments.
