Greenback soars to new excessive of Rs150 in open market

The US greenback soared to a document excessive of Rs150 within the open market on Friday morning, because the rupee continued to slip following Pakistan’s $6 billion bailout settlement with the Worldwide Financial Fund earlier this week.
The dollar gained by one other Rs3 to the touch an all-time excessive of Rs150 within the open market, and rose by Rs2.48 within the interbank market to achieve Rs149 earlier in the present day.
On Thursday, the greenback hit a excessive of Rs147 within the open market, and was at Rs146.25 within the open market on Wednesday, earlier than it bounced again to Rs144 the identical day.
President Foreign exchange Affiliation of Pakistan Malik Bostan instructed Geo Information on Wednesday that the rupee is predicted to depreciate by an additional 15 to 20 p.c in opposition to the greenback by December this 12 months.
“Till the international trade reserves state of affairs improves, there isn’t any [chance] of the greenback coming down,” he stated.