Dollar Gains Another Rs1 In Open Market, Hits Historic High Of Rs152

The greenback gained by another Rs1 in the open market on Monday to reach the latest peak of Rs152.

Islamabad (UrduPoint / Pakistan Point News – 20th May, 2019) The value of the US Dollar against the Pakistani rupee touched another all-time high for the second time in the day, reaching Rs152 in the open market.

The greenback gained by another Rs1 in the open market on Monday to reach the latest peak of Rs152.

Dollar however remains stable at Rs149.65 in the interbank market.

Earlier in the morning, the rupee plunged to hit an all time low of Rs151 against the US dollar in the open market.

On the other hand, the greenback gained by another Rs1.13 in the interbank market to reach the latest peak of Rs149 on Monday. According to forex Association of Pakistan, it was being traded at Rs149 in the interbank market.

On Friday, the dollar reached Rs150, was at Rs147 on Thursday and Rs144 on Wednesday. The rupee is heading down a steep slope and has been termed Asia's worst performing Currency. Analysts predict that the worst is not yet over.

The rupee is expected to go through another bout of devaluation in the coming days when Pakistan gets the first credit tranche of the $6 billion loan from the IMF.

The sharp downfall in the rupee value has not only disturbed almost all sectors of the economy but has also brought a new wave of price spiral that would not diedown despite the government's all claims.