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US dollar touches all time high at Rs148 in inter-bank

KARACHI: The rupee continued its up and downward trend against the US dollar in the inter-bank on Thursday as the greenback touched an all-time high of Rs148.  

The dollar gained Rs6.61 at the start of the trading in the inter-bank today, but soon was contained to 146 rupees.

It may be noted, just three days after Abdul Hafeez Sheikh’s  announcement regarding finalization of a three-year bailout with the International Monetary Fund (IMF) for $6 billion, the rupee went into free fall on Wednesday, hitting a record low of Rs146.25 against the dollar in the open market during trading and later bounced back to Rs144 at the closing of the trading.

The greenback was recorded an increase of Rs2.5 against the local currency to reach Rs146.25 in the open market.

Taking notice of the devaluation of rupee against the US dollar, Prime Minister Imran Khan had ordered crackdown against money changers companies selling dollar above market rate.

As per details, the premier had chaired a special meeting to review sudden surge in the dollar’s value. The meeting also had a delegation of E-Commerce Association of Pakistan (ECAP) in presence.

On the occasion, ECAP delegates assured of not supporting companies selling foreign currency at higher rates.

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