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Dollar reaches all-time high of Rs190

Rupee plunged to an all-time low against the dollar. Source Dawn.

KARACHI: The US dollar on Wednesday reached an all-time high against the Pakistani rupee and surged to Rs190.10 in the interbank market.

The rupee was quoted at 189.89/190.04 with trades reported at Rs190. The greenback appreciated by Rs1.44, surpassing Tuesday’s close of Rs188.66, while in the while in the open market, the dollar has crossed Rs 191.50.

The last time the dollar reached an all-time high was on April 1 when it crossed the Rs189 mark. According to forex dealers, the exchange rate remained under pressure as the US dollar continued its upward spiral against the local currency.

General secretary of the Exchange Companies Association of Pakistan, Zafar Paracha, said delays in talks with the International Monetary Fund was putting pressure on foreign reserves.

He warned the rupee could come under a lot of pressure if the programme is not revived. He urged economic managers to immediately take steps to control the situation.

The rupee had been losing its value due to uncontrolled rise in imports and a relatively slower pace of growth in exports. Currency dealers said higher demand for dollars was the key reason for the bullish trend in the currency market.

Meanwhile, the State Bank of Pakistan’s (SBP) foreign exchange reserves fell by $328 million to $10.558 billion during the week that ended on April 23.

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