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US dollar rises Rs9.60 in four business days
#GEOBREAKINGNEWS - US dollar rises Rs9.60 in four business days- 21 May 2019 | #GEONEWS KARACHI: The US dollar continues its steep incline in Pakistan, reaching a new all-time high in the interbank and open market on Tuesday. With an increase of Rs1.36, the dollar reached Rs151. In the open market, the rate increased to Rs153. In the last four business days, the dollar has risen by Rs9.60 against the Pakistani rupee. The rupee has been falling against the dollar following an agreement with the International Monetary Fund on a $6 billon loan with expected strict conditions including a “market determined” exchange rate. The rupee’s official exchange rate is supported by the central bank under a de facto managed float system and many analysts consider the currency to be overvalued. According to data from the State Bank, the central bank’s foreign exchange reserves as of May 3 stood at $8.984 billion, equivalent to less than three months of import payments. #GeoSpecialReport #GeoBreakingNews

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