Dollar soars to new high of Rs150 in open market

KARACHI: The US dollar soared to a record high of Rs150 in the open market on Friday morning, as the rupee continued to slide following Pakistan's $6 billion bailout agreement with the International Monetary Fund earlier this week.

The greenback gained by another Rs3 to touch an all-time high of Rs150 in the open market, and rose by Rs2.48 in the interbank market to reach Rs149 earlier today.

On Thursday, the dollar hit a high of Rs147 in the open market, and was at Rs146.25 in the open market on Wednesday, before it bounced back to Rs144 the same day.

President Forex Association of Pakistan Malik Bostan told Geo News on Wednesday that the rupee is expected to depreciate by a further 15 to 20 percent against the dollar by December this year.

"Until the foreign exchange reserves situation improves, there is no [chance] of the dollar coming down," he said.