US dollar gains Rs1.60 against rupee to reach Rs133.5 in inter-bank market

KARACHI - With the start of the new business week on Monday, the Pakistani rupee failed to maintain its recovery as the US dollar surged by Rs1.60 to reach Rs133.50 in the inter-bank market.

The Rupee slightly recovered on Friday when the dollar closed at Rs131.90 in the open market with decrease of Rs1.87 and it fell by Rs1.40 in inter-bank to reach Rs132.40, however, uncertainty is still prevailing in the market due to depleting foreign reserves of Pakistan.

On Oct 9, setting a new record, US dollar hit Rs.134 against Pakistani rupee in the interbank market a day after the government announced that it was going to the International Monetary Fund (IMF) for a bailout.

According to local media reports, the US dollar gained Rs9.75 against Pakistani rupee. On Monday, the US dollar was being offered at the rate of Rs124.25 in the interbank market.

However, with a sharp Rs 9.55 rise within a few hours, the rupee devalued considerably against the dollar.

https://en.dailypakistan.com.pk/headline/asad-umar-to-attend-annual-imf-world-bank-meetings-in-indonesia/

This was the second set back to already shaky economy of Pakistan in less than three months as US dollar climbed to all-time high of Rs128.25 in the interbank market in July, 2018.

https://en.dailypakistan.com.pk/headline/rupee-depreciates-to-all-time-high-of-rs126-against-us-dollar-in-interbank-market/