US Dollar reaches Rs166 in interbank market

KARACHI: The United States Dollar climbed a further Rs0.46 in the interbank market and is being traded at Rs166.60, ARY News reported.

The US dollar on Friday touched the highest mark against the Pakistani rupee in the interbank market and closed at Rs168.

It is pertinent to mention here that during the past week, the dollar gained 6.87 rupees against the Pakistani Rupee.

Meanwhile, Asian markets fell Monday following a steep drop on Wall Street as the jubilation from last week’s enormous US stimulus package faded and investors returned their attention to the soaring infection and death rate of the coronavirus.

Donald Trump finally signed off the more than $2 trillion pump-priming measures on Friday, but equities — which enjoyed a rally for much of the week — ended on a negative note as dealers took profits.

The downbeat mood weighed on Asian equities, though most pared their morning losses. Tokyo and Hong Kong ended more than one percent down, while Shanghai was off 0.9 percent. Mumbai and Manila lost more than two percent, while Taipei slipped 0.7 percent.

Seoul was flat, while there were also losses in Bangkok and Jakarta.