US dollar rises as reaches all-time high of Rs146.25 in Pakistan
KARACHI: The US dollar reached an all-time high of Rs146.25 in the open market after increasing of Rs2.25 today.
The hike comes following Pakistan’s agreement with the International Monetary Fund (IMF) securing a $6 billion bailout on Sunday.
A day earlier, At the start of the week, Pakistani stocks fell as investors and analysts expressed doubt over the reported conditions of the deal.
“The investors have taken the IMF conditions as negative, especially with regard to a free float of the rupee against the dollar and increasing the interest rate,” Yawar Uz-Zaman, head of Research at Shajar Capital, a brokerage house in Karachi told reporters.