Dollar reached another high against the rupee on Monday, climbing past Rs194 in the interbank market, as analysts continue to express concern over the country’s rising import bill.
According to the Forex Association of Pakistan (FAP), the greenback gained Rs1.30 from Friday’s close to reach Rs194.30 around 11:30am in the interbank trade.
This development comes after a week of the rupee hitting new lows, mainly due to the country’s rising import bill.
Previous week’s data from the FAP showed that the dollar had risen to record highs against the rupee for five consecutive days, with the international currency hitting a high of Rs188.66 in the interbank market last Tuesday, then soaring to Rs190.90 on Wednesday, rising past Rs192 on Thursday and reaching Rs193.10 on Friday.
The FAP figures showed that the greenback had closed at Rs193 at the end of Friday’s session. However, according to data released by the State Bank of Pakistan…