US Dollar Reaches All Time High In Open Market

US Dollar is showing no signs of slowing down against PKR

The value of the US dollar against the rupee touched an all-time high of Rs146.25 in the open market.

The greenback’s value increased by Rs2.25 to reach an all-time high amid speculations that the local currency will depreciate further.

Read more: Alarm Bells Ring As Pakistan And IMF Reach Deal

Earlier on Monday, the US dollar had gained Rs2 against the rupee in the open market. This was due to strong speculations that rupee will depreciate significantly after signing of a bailout agreement with the International Monetary Fund (IMF).

“Speculation has broken out in the forex markets, with small and large investors looking towards the greenback.”

The IMF spoke of a “market-determined exchange rate” in its statement on the programme. However, the financial markets have not taken the words very well. Speculation has broken out in the forex markets, with small and large investors looking towards the US Dollar.

The potential for a higher rate of dollar is visible in the inter-bank money market. This was reported by a banker recently

“The rupee may lose more against the dollar in the coming days”

Fears of further devaluation as a result of the agreement with the IMF have depressed the currency market. The rupee may lose more against the dollar in the coming days. This was reported by Secretary-General of Exchange Companies Association of Pakistan Zafar Paracha on Monday.

Most of the currency dealers and experts have already expressed their disappointment over the undisclosed conditions agreed between the IMF authorities and the government.

Read more: Pakistan, IMF Close To Signing $7-8 bn Loan Agreement As Talks Conclude

Rupee bounces back after hitting a new record low against the greenback

The US dollar bounced back to Rs144 after reaching an all-time high of Rs146.25 during the day in the open market on Wednesday.

PM Imran orders action against companies selling the greenback at higher rates

Meanwhile, Prime Minister Imran Khan has ordered concerned authorities to take action against foreign exchange companies selling US dollar at higher rates.

Update: Dollar reaches Rs. 148.5

Rupee’s resurgence appears shortlived as the greenback rose to an all-time high of Rs. 148.5, sounding alarm bells everywhere.

Update 2: Greenback reaches yet another high

The greenback continued its steep incline in Pakistan, reaching a new all-time high in the interbank and open market on Tuesday.

In the open market, the dollar rose by Rs. 3 and was being sold at Rs. 154. The buying rate for the dollar in the open market was Rs. 152.50

Faisal Rahat

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