US dollar hits all-time high at Rs188

Karachi: The US dollar reached an all-time high against the Pakistani rupee again on Wednesday, soaring to Rs188, GNN reported.

As the business opened on Thursday, the US dollar first soared past the historic Rs187 barrier in a flash and then bulldozed the Rs188 barrier scoring a heavy gain of two rupees and 22 paisas – a historic performance.

The US dollar which ended Wednesday at Rs186.13 shot up to Rs188.35 in quick time on Thursday.

With its rollercoaster ride, the US dollar rate has reached a historic high against the rupee. The greenback is constantly gaining strides against the spineless rupee which has been greatly buffeted after weathering the political uncertainties at home.

Experts say the current political turmoil in the country is keeping the rupee under pressure.

Economists were of the view that the rates of imported items will also rise due to the expensive dollar as its value rose nearly 10 rupees in one month and seven days.

The country’s trade deficit is also growing with the Asian Development Bank (ADB) predicting a further dent in the economic growth target.