Dollar hits Rs 200 in interbank

The US Dollar peaked at Rs200 in interbank trading on Thursday morning, gaining Rs1 from Wednesday’s close of Rs199, according to the data of the Forex Association of Pakistan (FAP).

According to the FAP, the American currency had reached the milestone of Rs200, a historic peak, around 11 a.m.

One day ago, the greenback had made a significant gain of over Rs2 from Tuesday’s closing and settled at Rs199 by the end of the session, which was the latest in a series of higher records that the American currency hit since last Tuesday.

While the FAP recorded the previous day’s closing rate at Rs199, data released by the State Bank of Pakistan stated the closing rate as Rs198.39 — still remarkably close to the Rs200 milestone that the international currency is being anticipated to reach with the country’s rising import bill, growing current account deficit and depleting foreign exchange reserves.

The dollar was already gone up to Rs200 in the open market yesterday.