US dollar reaches all-time high at Rs228.50 in interbank
KARACHI (PEN) – The US dollar continued its ascent on Friday against the Pakistani rupee, as it trades at a new all time high of Rs228.50 in the interbank market.
The new rate was climbed by Rs1.69 after the business day started in interbank.
On the other hand, the greenback gained Rs1 in Open Market and it is trading at Rs229.50.
As per the economic experts, the downfall of Pakistani rupee against the US dollar is due to the political uncertainty in the country.
The decline in the rupee’s value has accelerated after rating agency “Fitch” downgraded Pakistan’s rating, increased Euro-bond yields and no active supply from the State Bank.