F.P. Report
KARACHI: The US dollar wasted no time in striking back at the spineless Pakistani rupee as the trading in interbank opened on Thursday. The Pakistani currency which demonstrated some resistance in the morning, later succumbed to pressure in face of the mighty US dollar.
As the business started, Pakistani rupee quickly gained 46 paisas but the US dollar within hours struck back and smashed through another historic barrier of Rs207. As the trading progressed, the greenback overall gained Rs1.21 and was being traded at the record level of Rs207.67.
As the trading opens on Thursday, forex dealers reported that the rupee resisted the US dollar’s rise but the greenback roared back hard.
On Wednesday, the US dollar had also demonstrated its prowess and marched to a new historic high, sinking the Pakistani rupee to a new record low.
The US dollar thrashed Pakistani currency hard and appreciated by Rs1.30 and ended the day at a new record level of Rs206.46.
In the open market, the situation was no different as the US dollar appreciated by Rs1.50 and ended the day at Rs208.
Financial experts said that uncertainty on the IMF deal with the government of Pakistan was one of the reasons behind the continued depreciation of local currency against the American currency.
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