Dollar hits record high of Rs150 in open market

KARACHI: Pakistani rupee’s slide against US dollar continued on Friday, as greenback hit all time high of Rs150 in the open market.The greenback gained another Rs4 to touch Rs151 in the open market. Dollar also rose by Rs2.48 in interbank market hitting Rs149 earlier in the day.The downward slide of rupee began after the announcement of IMF bailout package earlier this week. US dollar hit a high of Rs147 in the open market on Thursday after reaching Rs146.25 the previous day, before it bounced back to Rs144 the same day.President Forex Association of Pakistan Malik Bostan told Geo News on Wednesday the rupee was expected to depreciate by a further 15 to 20 per cent against the dollar by December. “Until the foreign exchange reserves’ situation improves, there is no [chance] of the dollar coming down,” he had said.Pakistan Stock Exchange also witnessed bearish trend on Friday, as the benchmark KSE-100 shed more than 800 points after rupee’s further depreciation against US dollar. The KSE-100 fell 804.50 points.

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