Dollar reaches to Rs.154 in open market

The US dollar continued reaching a new all-time high in the interbank and open market on Tuesday.

In the open market, the dollar rose by Rs3 and was being sold at Rs154. The buying rate for the dollar in the open market was Rs152.50

With an increase of Rs2.72, the dollar reached Rs151.92 in the interbank market.

The rupee has been falling against the dollar following an agreement with the International Monetary Fund on a $6 billon loan with expected strict conditions including a “market determined” exchange rate.

“Basically, the sudden spike of the dollar against the rupee is due to the impact of the IMF deal plus a shortage of dollars in the market,” said Saad Hashmi.