USD to PKR rate at all-time high on Aug 25

KARACHI: At the end of the dollar business in the currency market, dollar hit an all-time high in the interbank on Friday.

The dollar witnessed 78 paise increase in its value in the interbank and closed at Rs 301 in the interbank.

The dollar closed at 300.22 rupees in the interbank on Thursday.

The rupee had closed at the then record low against the US dollar at 300.22 on Thursday.

In a key development, Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz on Thursday stressed the need for early operationalization of the EXIM Bank for enhancing Pakistan’s exports.

The enhancement of exports is critical as Pakistan struggles with low foreign exchange reserves.

The central-bank held foreign exchange reserves decreased by $125 million on a weekly basis, clocking in at $7.93 billion as of August 18, on account of debt repayments, data released on Thursday showed.

Internationally, the US dollar sat at an over two month peak on Friday, on course for its sixth straight week of gains as markets await a speech from Federal Reserve Chair Jerome Powell to gauge the path of monetary policy.