Dollar bounces back, hits all-time high at Rs176.26

KARACHI: The US dollar which started Friday on a negative note wasted not much time to roar back and scored a handsome gain against the Pakistani rupee as it crossed the Rs176 mark and reached the highest-ever level in the inter-bank trading.

The US dollar first lost eight paisas in early trading and then a robust demand saw the greenback going up by one rupee and 28 paisas within no time against the Pakistani currency.

The greenback has so far been successfully thwarting the Pakistani rupee emboldened by the revival of the IMF fund facility programme and the Saudi loan package.

According to forex dealers, the dollar which closed Thursday at Rs174.98 was now being traded at Rs176.26.

On May 7, 2021, the value of the US dollar was Rs152.28 and within six months it had recorded a mammoth increase of Rs23.98 against the Pakistani currency.

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