Dollar hits all-time high at Rs207

Karachi: The US dollar hit an all-time high against an already debilitated Pakistani rupee on Wednesday

According to details, the rupee fell sharply against the dollar in interbank trade to hit an all-time low against the greenback.

The greenback rose by Rs1.30 and reached an all-time high of the Rs207.75 mark during the intraday trading session while in the open market, the US dollar soared to Rs209.

According to the Forex Association of Pakistan (FAP), the greenback was trading at Rs207.85, up Rs1.45 at 1:15pm compared to the previous day's close of Rs206.46. On Wednesday, it had appreciated by Rs1.30.

In the open market, the dollar was trading at Rs208.5 today.

The economic experts have been pegging the uncertainty over International Monetary Fund (IMF) talks as another factor behind the rupee’s depreciation against the greenback.

The depreciation came after the IMF representative for Pakistan urged the government to implement more budgetary measures before the Fund could approve the next loan tranche for Pakistan.