US dollar hits all-time high against rupee in interbank market

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OBSERVER REPORT
KARACHI The US dollar has hit an alltime high against the Pakistani rupee in the interbank market on Tuesday. The value of the greenback surged by 0.92 paisa to trade at Rs167.90 in the interbank market. The value of dollar has soared by Rs9.23 during the last 15 days. In the foreign exchange market, the dollar in world forex lost ground on Tuesday as riskier currencies rebounded on tentative hopes that lockdowns may be slowing the spread of the coronavirus in some countries. Bets that the world’s biggest crude producers may cut supply to support oil prices also boosted market sentiment. The greenback – the world’s reserve currency – has swung wildly in recent weeks in volatile trading. But action by central banks to ease a mad scramble for dollars has helped bring some calm to markets.