Greenback closes at all time high level of Rs 140.24
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KARACHI: US Dollar on Friday closed at all time high level of Rs 140.24 against Pakistani rupee.
At interbank, dollar rose by 75 paisa and gained 96 paisa during the week.
At open market, dollar was up by 70 paisa to reach Rs 141. Increase in dollar rate would add pressure on debt payment by Rs95 billion.
Experts say the IMF will set difficult economic reform targets for Pakistan including a free-float exchange rate, which may result in further depreciation of the rupee. However, others argue the rupee has already depreciated enough to reach its real value against the dollar.
There were reports of an image of Finance Minister Asad Umar’s tweet circulating on social media prompting speculation about exchange rates. However, finance ministry termed it fake news saying the minister didn’t tweet any such thing.
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