US dollar breaches historic Rs210 mark in interbank trade
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The US dollar on the first day of the business week reached a historic high of the Rs210.03 mark after an increase of Rs2.55 in interbank trading. The US dollar closed on Monday at Rs209.96 after an increase of Rs1.21 at the closing time of interbank trading, reported 24NewsHD TV channel.
This was the first time that the US dollar crossed the Rs210 mark in the country’s interbank trading history.
Financial experts said that the uncertainty over the deal with the International Monitory Fund (IMF) delayed keeps on putting pressure on the local currency.
Since the coalition government assumed charge in April, the American currency increased by Rs26.99.
The previous close on Friday last week was Rs208.75 with the total depreciation of the Pakistani rupee -0.52 percent.
Analysts and forex dealers said the rupee has been losing ground mainly due to the balance of payment crisis and fast-depleting foreign exchange reserves.
As per forex traders, local banks have run out of dollars and are now borrowing from various other sources, including their own depositors, to ensure trade-related payments for their clients.
Reporter Ashraf Khan