KARACHI: The Pak Rupee hit all time low by losing Rs1.34 against dollar on Thursday owing to higher oil payment demand and scheduled repayment against foreign loan.
The rupee ended Rs152.91 to the dollar from previous day’s close of Rs151.57 in interbank foreign exchange market.
The foreign exchange market was initiated in the range of Rs151.50 and Rs151.90.
The market recorded day high of Rs153.00 and low of Rs151.85 and closed at Rs152.91.
Currency experts said that the rupee was under pressure due to schedule repayment of foreign debt. Further the inflows of remittances became lower after Eid festival, they added.
They further added that the weekly payment of oil payment also escalated the demand for the greenback.
The exchange rate in open market was also witnessed depreciation in rupee value.
The buying and selling of dollar was recorded at Rs152.00/Rs153.00 as compared with previous day’s closing of Rs151.30/Rs152.00 in cash ready market.