Greenback at historic high, breaks all previous records

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NC Desk

Karachi: Greenback climbed above Rs 193 versus domestic currency in interbank market transaction, reaching a new all-time high, bankers and money dealers said. It closed at Rs 193, rising by a rupee from previous day’s close of Rs 192.

According to Forex Association of Pakistan day’s start saw greenback appreciating by Rs 1.10 from previous day’s close and reaching Rs 193.10 in interbank trade. It is fourth consecutive day that dollar has risen to a record high against rupee, with international currency hitting a high of Rs 188.66 in interbank market on Tuesday, then soaring to Rs 190.90 on Wednesday and rising past Rs 192 on Thursday.

Meanwhile, Mettis Global a web-based financial data and analytics portal has attributed dollar’s upward trajectory to ongoing economic crisis in country, particularly melting foreign exchange reserves and political uncertainty.

It comes as foreign exchange reserves of State Bank of Pakistan declined by $ 190 million to $ 10.308 billion during week ended on May 6, central bank said. Overall reserves of country also dipped to $ 16.375bn while holdings of commercial banks were $ 6.067bn during day.