The greenback gained by another Rs1.13 in the interbank market to reach the latest peak of Rs149.
Islamabad (Pakistan Point News – 20th May, 2019) The rupee plunged to hit an all time low of Rs151 against the US Dollar in the open market on Monday morning.
The greenback gained by another Rs1.13 in the interbank market to reach the latest peak of Rs149.
According to Forex Association of Pakistan, it is currently being bought for Rs149 in the interbank market.
Giving up the central bank's control over the dollar has resulted in an unprecedented rise in its value which has shaken the foundations of the economy, taken a toll on masses and dismayed the business community.
Leaving US dollar to market forces has resulted in a freefall of the Rupee making it the worst performing Currency in Asia.
The value of the US dollar against the Pakistan rupee Friday hit another all-time high at Rs 150 after gaining Rs3 in the open market and at Rs149 after gaining Rs2.48 in the interbank market.
Analysts said the devaluation has added up around Rs667 billion in Pakistan's external debt, and the forex reserves also dwindled accordingly.
As the Pakistani rupee continues to devalue against the US dollar, Prime Minister Imran Khan had also ordered a crackdown against dollar against money changers companies selling dollar above market rate.
