KARACHI: The US dollar further appreciated to set a new record against the local currency on Wednesday, reflecting that nothing could stop the bullish dollar from moving ahead despite fresh $3 billion inflow from Saudi Arabia.
Currency dealers in the inter-bank market traded the dollar under high demand at a price never witnessed before. The dollar gained 64 paisa against the rupee to reach Rs177.44 at closing on Wednesday.
The US dollar has appreciated by 14.17 per cent since May and 11.21pc during the current fiscal year.
Bankers said the exchange rate did not accept the positive impact of the $3bn inflow from the Saudi government meant to keep it in the account of the State Bank of Pakistan. It has improved the foreign exchange reserves of the SBP but failed to prevent the rupee’s decline against the dollar.
Currency experts said that initially successful negotiations with the International Monetary Fund (IMF)…