Dollar reaches new high, surpasses Rs200 in open market

Dollar reaches new high, surpasses Rs200 in open market

Karachi (Agencies): The US dollar crossed Rs200 in the open market against the Pakistani rupee (PKR) on Wednesday.

The exchange rate of Pakistani rupee weakened by Rs 2.65 against the US dollar in the interbank trading and closed at Rs198.39 against the previous day’s closing of Rs 195.74.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded at Rs199 and Rs 201 respectively.

The latest devaluation of rupee comes as Pakistan started talks with the International Monetary Fund (IMF) in Doha on Wednesday in a bid to revive the $6 billion loan programme secured by the previous government in 2019.

Finance Minister Miftah Ismail, Minister of State for Finance Dr Aisha Ghous Pasha, Finance Secretary Hamed Yaqoob Shaikh, Acting Governor State Bank of Pakistan ( SBP) Dr Murtaza Syed, Chairman Federal Board of Revenue (FBR) Asim Ahmad and senior officers from Finance Division joined the talks virtually.

Pakistan has so far received $3 billion under the IMF’s Extended Funds Facility (EFF) and it will get another tranche of $900 million if the ongoing seventh review is wrapped up successfully.