US dollar reaches Rs164.50 in inter bank market

11:49 AM | 27 Jun, 2019
US dollar reaches Rs164.50 in inter bank market
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KARACHI - The US dollar continued to rise against the Pakistani rupee in the interbank market on Thursday.

The US dollar reached a new all-time high Rs2.34 in the interbank market and touched Rs164.50.

On Wednesday, the US dollar increased from Rs156.98 to Rs160 in the interbank market.

The US dollar gained Rs3.20 in the interbank market on Tuesday, taking it to a record high of Rs160.

In the previous week, Pakistani rupee was depreciated by 4.9 percent against the US dollar as the greenback gained Rs7.25 and touched another historical high.

The rupee has been falling against the dollar following an agreement with the International Monetary Fund (IMF) on a $6 billion loan with expected strict conditions including a market-determined exchange rate.

Besides, a massive increase in the value of gold was seen in the previous week, with an increase of Rs4,200, reaching an all-time high of Rs75,900 per tola. The yellow metal saw a significant increase in prices due to the increase in the value of gold in the international market, coupled with an increase in the value of the dollar.