The value of US dollar against rupee on Wednesday touched an all-time high of Rs146.25 in the open market, DawnNewsTV reported.
The greenback’s value increased by Rs2.25 to reach an all-time high amid speculations that the local currency will depreciate further.
Earlier on Monday, the US dollar had gained Rs2 against the rupee in the open market as there were strong speculations that rupee will depreciate significantly after signing of a bailout agreement with the International Monetary Fund (IMF).
The IMF spoke of a “market determined exchange rate” in its statement on the programme, and the financial markets have not taken the words very well. Speculation has broken out in the forex markets, with small and large investors looking towards the greenback.
“The potential for higher rate of dollar is visible in the inter-bank money market,” a banker was recently quoted as saying.
“Fears of further devaluation as a result of the agreement with the IMF have depressed the currency market and the rupee may lose more against the greenback in the coming days,” Secretary General of Exchange Companies Association of Pakistan Zafar Paracha had said on Monday.
Most of the currency dealers and experts have already expressed their disappointment over the undisclosed conditions agreed between the IMF authorities and the government.
