Dollar touches all-time high of Rs147 in interbank market

KARACHI, May 16 (INP): The US dollar touched an all-time high of Rs147 in the interbank market on Thursday morning, a day after bouncing back to Rs144 in the open market.

The greenback gained by Rs5.61 – approximately 4 percent – to be sold for Rs147 in the interbank market. It is currently being bought for Rs146 in the interbank market.

The latest depreciation in the rupee comes following Pakistan’s agreement with the International Monetary Fund (IMF) securing a $6 billion bailout on Sunday.

The dollar climbed to an all-time high of Rs146.25 in the open market on Wednesday, before bouncing back to Rs144.

Following yesterday’s hike, Prime Minister Imran Khan ordered concerned authorities to take action against foreign exchange companies selling the dollar at higher rates, sources informed.

The decision was taken at a meeting pertaining to foreign currency rates in the country, the sources said. The meeting, presided over by PM Khan, also had a delegation of E-Commerce Association of Pakistan in attendance.