Business

Dollar touches record high of Rs193 in interbank market

Written by The Frontier Post

F.P. Report

KARACHI: Devaluation of the Pakistani rupee against the U.S. dollar continued as the greenback touched a historic high of 193 rupees after an increase of Rs1.23 in interbank trading on Friday.

In the open market, the dollar is trading at 194 rupees.

Analysts believed that multiple factors including the government’s failure to secure a fresh loans and rollover from China, UAE and Saudi Arabia proved to be an avalanche for the domestic currency. Delay in IMF talks also gave shivers to the Pakistani rupee.

Talks with IMF had stalled over the fuel subsidy provided by the previous government.

Another factor which jolted the local currency was the rising prices of commodities including crude oil which widened the trade deficit by a huge margin.

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