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

KARACHI: The US dollar has hit all-time high against the Pakistani rupee in the interbank market on Friday.

According to details, the value of the greenback surged by Rs1.87 today to trade at Rs168 in the interbank market.

The value of dollar soared by rs8.20 in past four days during trading.

The State Bank of Pakistan (SBP) on Tuesday slashed its key interest rate by 150 basis points to 11 per cent in the face of the escalating coronavirus crisis.

Read more: Hafeez Shaikh elaborates govt’s economic plan amid COVID-19 crisis

The Monetary Policy Committee (MPC) of the country’s central bank in an emergency meeting decided to cut the benchmark interest rate for a second time in a week amid “considerable uncertainty about how the Coronavirus outbreak would impact the global economy and Pakistan,” the SBP said in a Twitter statement.

It said substantial new information on global and domestic developments has become available since the last MPC meeting.

Earlier, on March 17, the State Bank had cut its policy rate by 75 basis points to 12.5o per cent.

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