No reins: Dollar touches Rs164.50 in interbank market

KARACHI: The US dollar touched a record high as it soared against the Pakistani rupee in the interbank market on Thursday.

The US dollar increased by Rs2.34 in the interbank market to reach Rs164.50.

Yesterday, the USD reached Rs162.47 in the interbank market as the rate of greenback increased by Rs5.2 during the trading.

Earlier on Wednesday, the dollar was being traded at Rs2.2 on the onset of trading and within a few hours, it skyrocketed to Rs. 5.2 in the interbank market.

Last week, the US dollar continued to gain strength against the Pakistani rupee as it was being traded at Rs157 in the open market.

It may be noted that the rupee went into free fall following three days when PM’s adviser on Finance Abdul Hafeez Sheikh announced the finalization of a three-year bailout with the International Monetary Fund (IMF) for $6 billion.