The US dollar hit an all-time high in interbank market of Rs142 on Friday.
The greenback gained by a five percent rise i.e. PKR 8 to touch the new all time high in the interbank market. The US dollar stood at Rs 134 when the market closed on Thursday.
US dollar hit all time high owing to the widening current account deficit and International Monetary Fund’s (IMF) suggestion to the government to realign Pakistani rupee with market fundamentals to access funds.
State Bank of Pakistan will announce its monetary policy today and the market expects an increase in the interest rate which could be reflecting on the dollar rate. The current policy rate stands at 8.5%.
The debt has increased by PKR 760 billion owing to the rise in the value of US dollar.
On November 23, the US dollar hits all time high against the Pakistani rupee as it reached PKR 135.30 in the open market.