Rupee hits another historic low against dollar

Rupee hits another historic low against dollar

KARACHI: The Pak Rupee hit another historic low after depreciation of Rs1.11 against US dollar on Monday owing to payment pressure for oil import.

The rupee ended Rs156.96 to the dollar as compared with last Friday’s closing of Rs155.85 in interbank foreign exchange market.

The foreign currency market initiated in the range of Rs156.50 and Rs157.00. The market witnessed day high of Rs157.00 and low of Rs156.96 and closed at Rs156.96 in interbank foreign exchange market.

However, the exchange rate in open market witnessed appreciation of rupee value.

The buying and selling of dollar was recorded at Rs155.50/Rs156.50 from last Saturday’s close of Rs156.00/Rs157.00 in cash free market.

The rupee witnessed depreciation for the last more than one and half years. The rupee was kept stable by the previous government in order to control the economic imbalances.

However, keeping the rupee stable against dollar created balloon in the economy. Now the government is under negotiation with the IMF to bargain a new loan program, which is almost finalized. The IMF board is scheduled to meet next week to review Pakistan’s request for new loan program.

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