US dollar hits all-time high at Rs146 in open market
According to currency dealers, dollar was trading at Rs146 in the open market.
KARACHI (Dunya News) – The US dollar gained Rs2 against Pakistani rupee in the open market on Wednesday following strong speculations that the local currency will depreciate further after the signing of a bailout agreement with the International Monetary Fund (IMF).
Experts believe that the sudden devaluation of local currency against the US dollar and the greenback hit an all-time high of Rs146 is interlinked with the government’s commitments to the IMF.
According to currency dealers, dollar was trading at Rs146 in the open market, whereas in the interbank market it remained stable around Rs141.39.
An exchange dealer explained another factor ‘the demand from Pakistanis planning to spend their vacations abroad after Eid holidays and during school vacations.’ Moreover, some buying has also been witnessed from travelers flying out for performing Umrah.
The devaluation is observed three days after the Prime Minister’s Adviser on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Sheikh announced to have finalised a three-year bailout with the International Monetary Fund (IMF) for $6 billion.
The Pakistan Stock Exchange (PSX) benchmark KSE 100-share Index has gained 425 points and rose to 34,310 points on Wednesday.
