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Dollar hits historical high of Rs148

KARACHI:    The value of the US dollar against the rupee touched another all-time high for the second consecutive day, reaching approximately Rs148 in the interbank market.
The greenback’s was valued at Rs141.5 Wednesday, but climbed roughly Rs6.50 to hit a historical peak Thursday, with speculation rife in the forex market that the rupee may slide further.
The fall in the rupee’s value comes a day after Prime Minister Imran Khan set up a committee to control devaluation of the local currency and capital flight from Pakistan.
The dollar had gained Rs2.25 against the rupee in the open market yesterday amid strong speculation that the rupee would depreciate significantly after the signing of a bailout agreement with the International Monetary Fund (IMF).
The IMF had spoken of a “market determined exchange rate” in its statement on the programme, and the financial markets have not responded favourably to the announcement.

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