Dollar reaches new all-time high at Rs190.10 in interbank trade

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The US dollar on Wednesday reached an all-time high against the rupee, soaring to Rs190.10 in the interbank market.

The rupee was quoted at 189.89/190.04 at 11:20am with trades reported at Rs190.

The greenback appreciated by Rs1.44, surpassing Tuesday’s close of Rs188.66. The last time the dollar reached an all-time high was on April 1, when it crossed the Rs189 mark.

In the immediate aftermath of the change in government on April 11, it had gone down but the correction soon ran out of steam and now the greenback is soaring again, reaching a new all-time peak.

The rupee is under pressure due to the higher oil import bill and speculation awaiting the Saudi package, Ahsan Mehanti, director of Arif Habib Group told Mettis Global.

General secretary of the Exchange Companies Association of Pakistan, Zafar Paracha, said delays in talks with the International Monetary Fund was putting pressure on foreign reserves.

“We have to pay $10 billion this year. If the programme is not expanded, the rupee could come under a lot of pressure,” he warned, urging economic managers to immediately take steps to control the situation.