Rupee weakens further as dollar hits new high at Rs150


KARACHI:    The rupee plunged to hit an all time low of Rs150/dollar in the open market on Friday morning.
The greenback gained by another Rs2.48 in the interbank market to reach the latest peak of Rs149. It is currently being bought for Rs147 in the interbank market.
The rupee plunged around five percent in an intraday trade on Thursday to hit an all-time low of 148/dollar in an apparent devaluation by the central bank as a ‘prior action’ to satisfy the IMF to secure an approval of $6 billion bailout package, analysts said.
The rupee, however, slightly recovered to close the day 3.6 percent weaker at 146.52 in the interbank market. The rupee closed 141.40/dollar on Wednesday.
Analysts said the devaluation has added up around Rs667 billion in Pakistan’s external debt, and the forex reserves also dwindled accordingly.