US Dollar reaches record all-time high against Rupee

F.P. Rrepot

KARACHI: The Pakistani rupee continued to depreciate steeply, as it hit a new all-time low of Rs276.58 against the US dollar in the interbank market.

According to forex dealers, the rupee’s losses continued as the local currency further depreciated by Rs 5.22 against the US dollar in the interbank market. The rate of the dollar has reached an all-time high of Rs276.58 in the interbank market.

Banks are selling the US dollars to the importers at Rs277.50, the forex dealers said while the same is being sold between Rs276 to 280 in the open market.

Earlier, the Pakistan Business Forum (PBF) predicted that 2023 is going to be a tough year for the economy.

The Vice President of PBF Ahmad Jawad said in a statement that Pakistan needs to find an alternative to International Monetary Fund (IMF).

He termed the government policy of free-floating the dollar, ineffective. He further said that after the general the government will approach the IMF again.