Dollar sheds Rs 4, drops to Rs 160 in interbank

Dollar sheds Rs 4, drops to Rs 160 in interbank
Karachi: After soaring to all-time high for two incessant days, the greenback on Friday finally shed Rs 4 and settled at Rs160 in the interbank trade.

On Thursday, dollar had reached all-time high of Rs 164 after it gained Rs 2.34 in the interbank trading. Likewise, dollar had settled on Rs 162.16 in the open market after registering a gain of nearly Rs 6.

The local currency has been witnessing sharp devaluation after Pakistan signed an agreement with International Monetary Fund (IMF) aimed at receiving bailout package of USD 6 billion. As per reports circulating, both parties have agreed upon that the rupee value would hence forth be market-determined.