The dollar breaks all previous records and crosses the 200 mark on the open market

The US dollar continued to crush the pakistani rupee as it broke through the 200 rupees mark on the open market, the Daily Times reported.

According to the Forex Association of Pakistan (FAP), the greenback gained Rs1.68 in the interbank market from the previous day’s close of Rs196.50 and climbed to Rs197.66 around 11:26 am.

Traders said the US dollar gained 2 rupees in intraday open market trading to trade above 200 rupees.

The current period of persistent bullishness of the dollar against the rupee began on Tuesday last week, when the international currency hit an all-time high of 188.66 rupees. It then climbed to 190.90 rupees on Wednesday, exceeded 192 rupees on Thursday, reached 193.10 rupees on Friday, exceeded 194 rupees on Monday and exceeded 196 rupees yesterday (Tuesday).

Experts said the rise in the US dollar was due to continued pressure from the import bill on the Pakistani rupee and depleted foreign exchange reserves.

However, the International Monetary Fund (IMF) will start talks with Pakistani officials on Wednesday on releasing the funds. The Pakistani delegation has arrived in Doha to negotiate with the IMF to review the economic aid program for the country.

Pakistan has repeatedly asked for international support for its economy, which has been hit by crippling national debt, soaring inflation and a plummeting rupee.

Analysts believe that the rupee will gradually head towards 200 in the interbank market in the coming days if the government does not take immediate action to bring economic and political stability to the country.

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