US Dollar breaks all records, reaches Rs125 against PKR in open market

KARACHI: Pak Rupee surged to all-time high of Rs125 against US dollar in the open market on Wednesday, after gaining by a further Rs0.5 from Tuesday.

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In the inter-bank market dollar weakened by Rs0.33 and was being traded at Rs121.40, after climbing to Rs121.73 earlier.

On Monday, US dollar hit a record high of Rs121 in interbank trading, after the State Bank of Pakistan (SBP) devalued the currency for the third time since December.

According to the central bank, the movement is based on foreign exchange demand-supply gap in the interbank market.

Increasing imports and a widening current account deficit were cited as the possible reasons for the hike in the value of the foreign currency.

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