Business

US Dollar Weakens Pakistani Rupee and Hits All-Time Highest Price at Rs 150

Due to the $6 billion bailout package from IMF, Pakistani Rupee has devalued and the US Dollar has reached to Rs 150 on Friday

KARACHI: The US dollar has plunged to all-time highest prices at Rs 150 on Friday. The Pakistani rupee has devalued due to the recent $6 billion bailout package by IMF.

Due to the continuous devaluation of Pakistani Rupees against US Dollar, Karachi Stock Exchange index-100 has fallen over 800 points. As a result, the trading was closed for today.

According to the source, the US dollar is touching to Rs 149 in the interbank market whereas; in the open market, it has hiked to Rs 150. While talking to Geo News, Malik Bostan, President Forex Association of Pakistan stated that due to IMF conditions, further 15 to 20% devaluation of Pakistani rupee is expected by December 2019. He further said that the dollar rate can fall only if the foreign exchange reserves move towards stability.

Shakila Nasreen

Exploring the technology and fetching unique info for all of you is not my hobby but passion. This passion drove me to news reporting field. It's my hobby to timely report latest news all over the Pakistan. Email: [email protected]

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