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Dollar soars to new high of Rs150 in open market

KARACHI, Could 17 (INP): The US greenback soared to a report excessive of Rs150 within the open market on Friday morning, because the rupee continued to slip following Pakistan’s $6 billion bailout settlement with the Worldwide Financial Fund earlier this week.

The buck gained by one other Rs3 to the touch an all-time excessive of Rs150 within the open market, and rose by Rs2.48 within the interbank market to achieve Rs149 earlier at the moment.

On Thursday, the greenback hit a excessive of Rs147 within the open market, and was at Rs146.25 within the open market on Wednesday, earlier than it bounced again to Rs144 the identical day.

President Foreign exchange Affiliation of Pakistan Malik Bostan instructed Geo Information on Wednesday that the rupee is predicted to depreciate by an extra 15 to 20 p.c in opposition to the greenback by December this 12 months.

“Till the overseas alternate reserves scenario improves, there is no such thing as a [chance] of the greenback coming down,” he stated.

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