US dollars hits historic high as rupee continues to fall
KARACHI - The US dollar again strengthened against Pakistan rupee on Thursday as it gained Rs4.40 in the interbank market and being traded at Rs166.
The dollar has gained Rs7.33 in the past three days to reach historical high level after the State Bank of Pakistan decreased the interest rate to 11 per cent, causing flight of foreign capital from local market.
On Wednesday, the rupee had fallen 1.63% or Rs2.60 versus the dollar to close at Rs161.60.
The central bank had decreased the interest rate due to coronavirus outbreak in the country that caused losses to business community. A decline in interest rate will help businessmen to get loans at minimum interest rate.
The number of coronavirus cases has surged to 1,102 in Pakistan while eight people have died due to the infection so far.
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