Dollar reaches Rs169 in Pakistan

KARACHI - The dollar on Friday reached Rs169 in Pakistan as coronavirus shocks kept the foreign currency supply tight amid drying up inflows.

The rupee lost a further 2.87 in intraday trading today after hitting a record low of Rs 166.13 on Thursday.

The SBP has slashed the interest rate by cumulative 225 basis points to 11% this week to counter the impact of a virtual lockdown all over the country.

The rupee had remained stable, trading in the range of 154-155 between October 2019 and March 2020 under the market-based exchange rate regime. It started depreciating from earlier this month and has lost a cumulative Rs14 so far.