*ISLAMABAD – The US dollar hit a record high of Rs 121 in interbank tradingon Monday, after the State Bank of Pakistan (SBP) devalued the currency forthe third time since December.*
The greenback, which was previously standing at Rs 115.63, rose by Rs 5.38,according to foreign exchange dealers, local media reported.
The hike comes amid mounting economic pressure and speculation that thecountry may need International Monetary Fund support. Meanwhile, increasingimports and a widening current account deficit were also cited as thepossible reasons.
Earlier this year in March, the US dollar had shot up by Rs4.93 in theinterbank market to hit a high of Rs 115.50 before coming down to Rs 115 atthe close of business.
As per data compiled by *Bloomberg*, the nation’s currency is the worstperformer in Asia since December before today’s drop.