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Dollar reaches new all-time high at Rs 190.10 in interbank trade – Business

United States dollar on Wednesday reached an all-time high against rupee soared to 190.10 rupees in interbank market.

The rupee was quoted at 189.89/190.04 at 11:20 am. with trades are registered at 190 rupees.

The US dollar rose by 1.44 rupees, exceeding Tuesday’s close. of 188.66 rupees. last time dollar reached an all-time high on April 1, when he crossed the mark of 189 rupees.

Soon aftermath of turn in government on April 11 passed down but the fix soon ran out of a couple and now the dollar is hovering againreaching new unprecedented peak.

The ruble is under pressure due to higher oil import bills and speculation pending Saudi Arabian packageAhsan Mehanti, director of Arif Habib’s group told Mettis Global.

General secretary of Association of Stock Companies of Pakistan, Zafar Paracha, spoke about the delays in negotiation with The International Monetary Fund put pressure on on foreign exchange reserves.

“We have to pay 10 billion dollars for this year. If the program is not expanded, the rupee could fall sharply of pressure,” he warned, urging economic managers to immediately steps to control the situation.

Report at dawn on Wednesday said rising exchange rate shook economy.

The rupee lost its value mainly because of out of control rise in import and relatively slower pace of growth in export. It was reflected in in trade deficit, which reached $39 billion. in July-April.

The currency dealers said higher demand for dollars was key reason for bullish trend in currency market. Political delay by the incumbent government on appeal of fuel and electricity subsidies are a must for renewal of credit program of the International Monetary Fund – further undermined confidence of parties concerned.

Meanwhile, Malik Bostan, Chairman of Forex Association of Pakistan, had also advised government reveal details of in package Pakistan received from Saudi Arabia to ease the pressure on rupee.

During Prime Minister Shehbaz Sharif’s visit to Saudi Arabia earlier this month, Saudi Crown Prince Mohammed bin Salman agreed to discuss an extension term of US$3 billion loan for help Pakistan new government high tide over the current economic crisis.

But so far, no specific details have been released. out from these conversations.

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Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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