ISLAMABAD – US dollar hits highest level against Pakistani Rupee in theopen market, media has reported.
The dollar is on the rise again and has just hit its highest level everafter increasing 50 paisa from Thursday’s closing rate.
The greenback was trading at 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 of2018.
Last year, the dollar appreciated 27% against the rupee, witnessing two ofits biggest ever single day jumps in the short span of one and a halfmonths. It was one of the most volatile years in terms of exchange rates.
Read Top Stories
Experts attribute last year’s rise in dollar rates to our depleting foreignexchange reserves, which fell below $7 billion in December. This level wasnot sustainable beyond two months of import payments.
The shortage of dollars had kept rupee under pressure for most of 2018 andresulted in its devaluation.
