Rupee drops to historic low of Rs148 against dollar

The greenback has been on a rising trend and hit another record high against Pakistani rupee after it hit Rs 148 in the interbank market on Thursday.

As per local media reports, the dollar has gone up more than four percent or Rs6.50 to be sold for around Rs 148 in the interbank market, while this is the second consecutive rise in two days.

On Wednesday, Prime Minister Imran Khan ordered action to be taken against any exchange company that sells dollars at higher than the market rates. According to sources, Prime Minister Imran Khan has decided to constitute a committee tasked to submit proposals to improve the market mechanism.

The dollar was sold on Wednesday between Rs 145 to Rs 147, with forex exchange companies claiming that the market rate rose to Rs146 and closed at Rs144 in the open market in the federal capital.

The dollar hike comes days after a staff-level agreement was reached between the International Monetary Fund and Pakistan on a $6 billion bailout package averring that the rupee value would hence forth be 'market-determined'.