US dollar hits all-time high against PKR

KARACHI: In the open market, the rate of the US Dollar (USD) soars record high against PKR reaching Rs 322, while it is not available at Rs 328 in the market, ARY News reported on Thursday.

According to the reports, the US dollar has reached its highest level in two weeks, causing the Pakistani rupee to further depreciate the currency in the market.

A high demand for the US dollar is observed in both interbank and open markets, maintaining its highest level in recent history.

In the interbank market, the dollar is trading at Rs 305.60, being Rs 1.15 more expensive, while banks are selling dollars at Rs 306.10 to importers who need to open letters of credit (LCs).

Forex dealers report that in the open market, the dollar is being sold at Rs 322, up by Rs 2.50, but it is not available at Rs 328 in the market.

Earlier to this, the US Dollar (USD) dropped to a two-week low against the euro and a basket of currencies on Wednesday after data showed that U.S. private payrolls rose less than expected in August, adding to expectations that the Federal Reserve would stop raising rates.

Softening data this week has raised bets that the U.S. central bank has concluded its tightening cycle. It follows a brief increase in expectations for a November rate hike after relatively hawkish comments by Fed Chairman Jerome Powell on Friday.