Karachi: The US dollar rising flight is continued on Monday today as the greenback reached at all time high in the inter-bank market.
The US dollar climbed to Rs 230 after appreciating of the US dollar by Rs 1. 67
The rupee slumped to 230 during intraday trade, as compared to its rate of 228.37, according to the data from the State Bank of Pakistan (SBP).
Fears have risen about Pakistan’s stuttering economy as its currency fell nearly 8% against the US dollar in the last trading week, while the country’s forex reserves stand below $10 billion with inflation at the highest in more than a decade.
In a recent presentation to international investors, the acting governor of Pakistan’s central bank, Murtaza Syed, said: “Markets are responding to these shocks in an unfairly broad-brush way, without paying enough attention to Pakistan’s relative strengths.”