Rupee bounces back after hitting new record low against dollar

KARACHI (92 News) – The US dollar bounced back to Rs144 after reaching an all-time high of Rs146.25 during the day in the open market on Wednesday. The dollar reached the all-time high in Pakistan after an increase of Rs2.25. Earlier today, as the first reaction of the IMF bailout package, the dollar price has gone up by Rs 2.25 in the open market. After the increase, the dollar was sold at Rs 146.25 in the open market. The government had accepted the IMF’s condition of leaving the dollar on the market. It is being feared that the value of a rupee will further reduce. Meanwhile, the State Bank of Pakistan has taken notice of an increase in the dollar rate. Source said that an important meeting of the Finance Ministry has been summoned in this regard. They added that the Finance Ministry had sought a review of the difference in the dollar price in the inter-bank and open market.

Dollar rate rises by 26 paisas in interbank market

On April 3, the dollar rate in inter-bank market increased by 26 paisas and it was trading at Rs141.35 in the inter-bank market. The rupee’s value is dropping against the US dollar, as it hits highest level of Rs141.35 today after surge of 26 paisas in the inter-bank market. The experts had predicted the dollar may touch Rs150 but the recent dollar inflow has prevented the rupee from falling to that level.