Dollar reaches all-time-high Rs164.50 in interbank market

Dollar reaches all-time-high Rs 164.50 in interbank market

F.P. Report

KARACHI: The US dollar continued to soar against the rupee and on Thursday the US dollar rose by Rs2.34 in the interbank market to reach all-time-high Rs164.50.

Earlier On Wednesday, the Pakistani rupee continued to weaken against the US dollar, reaching Rs162.47 in the interbank market.

The rupee has been falling against the dollar following an agreement with the International Monetary Fund on a $6 billion loan with expected strict conditions including a “market-determined” exchange rate.

The rupee’s official exchange rate is supported by the central bank under a de facto managed float system and many analysts consider the currency to be overvalued.

According to data from the State Bank, the central bank’s foreign exchange reserves as of May 3 stood at $8.984 billion, equivalent to less than three months of import payments.

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