Dollar soars to Rs152 as rupee’s downward spiral continues

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ISLAMABAD: The US dollar broke another record as it reached an all-time high of Rs152 in the open market on Monday.

The rupee continued its downward spiral as the US dollar traded at Rs152 in the open market. The rupee has performed poorly ever since the government announced it had reached a staff level agreement with international money lender, the IMF.

The dollar also saw an increase in the interbank of Rs149.65. On Friday, the dollar reached Rs150, was at Rs147 on Thursday and Rs144 on Wednesday.

The rupee has been judged as the worst performing currency in Asia by Bloomberg. Analysts have predicted that the devaluation does not stop here–the dollar will further increase in price after Pakistan receives its first installment of the $6 billion bailout package that the IMF has pledged to Islamabad.