US dollar further rises to Rs162 in interbank trading

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KARACHI: The US Dollar reached a new high at Rs162 in the inter bank market.

The American currency rose by Rs5.02 in the inter bank market on Wednesday,  which is the biggest one-day increase in the past six weeks.

It is believed that the rupee has been falling against the dollar following an agreement with the International Monetary Fund on a $6 billion loan with expected strict conditions including a “market determined” exchange rate.

On Tuesday, the rupee stood at Rs156.98 against the dollar in the inter-bank market.

The country is further scheduled to pay petroleum oil import payments while the corporate sector is also purchasing dollars to stable their accounts ahead of the closure of FY19.