Dollar reaches all-time high at Rs240

The US dollar continued its ascent on Wednesday against the Pakistani rupee, reaching all time high in the interbank market.

According to details, the greenback was being traded around Rs240 after a climb of Rs1.09 from yesterday’s close of Rs238.91.

The greenback is on a winning streak despite State Bank of Pakistan (SBP) getting much needed funds from International Monetary Fund (IMF).

Experts say the country’s borrowing needs are expected to increase in the wake of massive devastation caused by flash floods, which will also drive up the import bill.

Meanwhile, market experts said several factors are contributing to the ongoing decline.

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