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Dollar reaches Rs151 in open market

Dollar reaches Rs151 in open market

KARACHI: The US dollar reached a new record high of Rs151 in the open market on Monday morning, as the rupee continued its downward spiral following an agreement with the International Monetary Fund.

The dollar also saw an increase in the interbank of Rs0.93 to Rs148.80. On Friday, the dollar reached Rs150, was at Rs147 on Thursday and Rs144 on Wednesday.

The rupee is heading down a steep slope and has been termed Asia’s worst performing currency. Analysts predict that the worst is not yet over. The rupee is expected to go through another bout of devaluation in the coming days when Pakistan gets the first credit tranche of the $6 billion loan from the IMF.