Dollar reaches Rs151 in open market

KARACHI: The US dollar reached a new record high of Rs151 in the open market on Monday morning, as the rupee continued its downward spiral following an agreement with the International Monetary Fund.

On Friday, the dollar reached Rs150, was at Rs147 on Thursday and Rs144 on Wednesday.

The rupee is heading down a steep slope and has been termed Asia’s worst-performing currency. Analysts predict that the worst is not yet over. The rupee is expected to go through another bout of devaluation in the coming days when Pakistan gets the first credit tranche of the $6 billion loans from the IMF.

Share

Recent Posts

De Kock leads Proteas to 9-wicket win over India to level T20I series

BENGALURU: India captain Virat Kohli’s bold move to bat first boomeranged on his team as Quinton de Kock (79) spearheaded…

4 hours ago

Umar, Imran lead Southern Punjab’s fight back in Quetta

Umar Siddiq and Imran Rafiq put on an unbeaten fourth-wicket stand of 110 runs to lead a fightback for Southern…

4 hours ago

Ashfaq, Adil shine to keep Khyber Pakhtunkhwa alive

LAHORE: An unbeaten 92-run partnership between Ashfaq Ahmed and Adil Amin took pressure off Khyber Pakhtunkhwa as they were 97…

4 hours ago

Northern forced to follow-on in Faisalabad

LAHORE: After pilling up an impressive 433 all-out in the first innings, Central Punjab squeezed Northern to 114 and enforced…

4 hours ago

Zulfiqar Babar’s second consecutive 10-wicket haul gives Southern Punjab victory

Left-arm spinner Zulfiqar Babar claimed 10 wickets in the match as Southern Punjab defeated Balochistan by 101 runs on the…

4 hours ago

Pakistan need to break shackles of mediocrity: Ramiz Raja

Former Pakistan captain Ramiz Raja has urged the Men in Green to break the shackles of mediocrity and play fearless…

4 hours ago