KARACHI: On Thursday morning, the US dollar touched an all-time high of Rs147 in the interbank market, a day after bouncing back to Rs144 in the open market.
The greenback gained by Rs5.61 – approximately 4 percent – to be sold for Rs147 in the interbank market. It is currently being bought for Rs146 in the interbank market.
The dollar also climbed by Rs3 to hit a new high of Rs147 in the open market.
The latest depreciation in the rupee comes following Pakistan’s agreement with the International Monetary Fund (IMF) securing a $6 billion bailout on Sunday.
The dollar also climbed to an all-time high of Rs146.25 in the open market on Wednesday, before bouncing back to Rs144.
President Forex Association of Pakistan Malik Bostan told that the rupee is expected to depreciate by a further 15 to 20 percent against the dollar by December this year.