The
US dollar hit an all-time high of Rs142 in the interbank
market on
Friday.
The
greenback gained by Rs8 (a five percent increase) to touch the new
high in the interbank market. The dollar stood at Rs 134 when the
market closed on Thursday.
The rise in
dollar comes owing to the widening current account deficit and
International Monetary Fund’s (IMF) suggestion to the government to
realign the rupee with market fundamentals to access funds.
Further,
the State Bank of Pakistan is set to announce its monetary policy
today and the market expects an increase in the interest rate which
could be reflecting on the dollar rate. The current policy rate
stands at 8.5%.
The debt
has increased by Rs760 billion owing to the rise in the value of
dollar.
On November
23, the US dollar rose to a record high against the rupee as it
reached Rs135.30 in the open market.
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