US dollar soars to Rs150.50 after 40-paisa increase in interbank market

KARACHI (92 News) – The US dollar witnessed a 40-paisa increase and reached Rs150.50 from Rs150.10 in the interbank market on Tuesday. According to the forex dealers, Pakistan Stock Market lost 165 points in the start of the business and 100 index reached 34,410. On Monday, the dollar rate had increased by Rs 2.70 in the open market and was sold at Rs 151.50. In the interbank market, the dollar was increased by Rs 1.90 and as a result, its price rose to Rs 150.10 from Rs 148.60. According to Forex dealers, a decrease has also been witnessed in the Pakistan Stock Market. 100 index lost over 750 points and reached 34,750. Before the Eid holidays, the trade was closed at Rs 148.60. Last month, the rupee registered record lows against the US dollar following the announcement of a $6 billion bailout agreement with the International Monetary Fund foreseeing a 'market-determined rate' for the Pakistani currency.