Staff Reporter Karachi
The US dollar made a new high against the rupee on Monday, soaring to Rs173 in the interbank market.
According to an update on Mettis Global, a web-based financial data and analytics portal, the rupee was being traded at Rs173.2 against the dollar at 12:37pm compared to the previous session’s close of 171.18.
The report said that strong demand for the greenback as well as rising prices of crude oil in international markets were behind the latest round of erosion in the rupee’s value.
The report further said that additional pressure on the rupee was created due to no timeframe determined for the conclusion of the ongoing negotiations between the government and the International Monetary Fund that has led to a delay in the release of the next tranche from the Fund.