US dollar about to hit historic high against Pakistani rupee
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According to the forex dealers, the greenback concluded the day Rs239.65, a few paisas away from hitting a record level against the Pakistani currency.
On Tuesday, the greenback had gained Rs1 against the Pakistani rupee and closed the day at Rs238.91 in interbank trading.
The dollar has a strong grip over the exchange rate and the clutch is getting stronger with each passing day amid Pakistan’s falling foreign exchange reserves and higher imports.
It was reported that banks have doubled their buying of the US currency and were sending it abroad via credit cards.
Earlier, International Monetary Fund (IMF) Resident Representative to Pakistan Esther Perez Ruiz Sunday had offered sincere condolences on the devastations caused by the flood in Pakistan.
“Pakistan will have support from the IMF for the restoration and rehabilitation of the flood-hit areas and the affected people,” IMF official added.
Also, Saudi Arabia has extended the date of return of 3 billion dollars to Pakistan by one year. According to the State Bank of Pakistan (SBP), Saudi Fund for Development has confirmed to roll over 3 billion dollars.
Reporter Ashraf Khan