KARACHI: The Pak Rupee hit recorded another historic low against dollar on Wednesday by depreciating Rs5.51 in interbank foreign exchange market owing to withdrawal of high denomination prize bonds by the government.
The rupee ended Rs162.17 to the dollar from previous day’s closing of Rs156.99 in interbank foreign exchange market.
The foreign currency market was initiated in the range of Rs157.00 and Rs158.00. The market recorded day high of Rs162.50 and low of Rs158.50 and ended at Rs162.17.
Currency experts said that the withdrawal of Rs40,000 prize bonds put the pressure on dollar buying.
The government has announced to withdraw the bearer bonds of Rs40,000 bonds by March 2020 and its sales through bank branches has been closed since June 24, 2019.
The exchange rate in open market also witnessed deterioration in rupee value.
The buying and selling of dollar was recorded at Rs162.00/Rs163.00 from previous day’s closing of Rs156.00/Rs156.70 in cash ready market.
