KARACHI/ISLAMABAD : The US dollar reached a new record high of Rs151 in the open market on Monday morning, as the rupee continued its downward spiral following an agreement with the International Monetary Fund.
The dollar also saw an increase in the interbank. On Friday, the dollar reached Rs150, which was at Rs147 on Thursday and Rs144 on Wednesday.
The rupee is heading down a steep slope and has been termed Asia’s worst performing currency. Analysts predict that the worst is not yet over. The rupee is expected to go through another bout of devaluation in the coming days when Pakistan gets the first credit tranche of the $6 billion loan from the IMF.
The exchange rate of dollar in interbank soared by Rs1.78 and was traded at Rs 149.65 as compared to the last closing at Rs147.87, State Bank of Pakistan (SBP) Monday reported. The SBP further reported that in interbank the price of Euro increased by Rs1.63 after which it was traded at Rs166.92 against Rs165.29 of last day.
The price of Japanese yen increased by 2 paisas and was traded at Rs1.36 against Rs1.34, whereas the increase of Rs1.64 was witnessed in exchange rate of British Pound which was traded at Rs190.71 as compared to last closing at Rs189.07.
Exchange rates of United Arab Emirates Dirham jumped by 48 paisa whereas Saudi Rayal gained 47 paisas and were traded at Rs40.74 and 39.90 against Rs40.26 and Rs39.43 respectively.
