KARACHI: 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.
