Dollar again hits high to Rs150 in open market

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KARACHI: Once again, the rate of US dollar reached to a highest level after making a record high increase by Rs.3 at a price of Rs150 now in the open market today morning.

This exorbitant increase in the rate of dollar is creating massive hurdles for economic stability and on the other hand inflation level is rising with fast pace.

This abrupt hike in the price of dollar has been witnessed mainly due to the country’s $6 billion bailout agreement with the International Monetary Fund.

It must be mentioned here that today’s rise in dollar rate is third in a row starting from Wednesday. Yesterday it was at Rs147, on Wednesday at Rs146.25 in the open market and today at Rs150.

The rupee is expected to further depreciate in value by 15 to 20 percent against the dollar till December, President Forex Association of Pakistan, Malik Bostan said this yesterday.