KARACHI: The rupee continued its slide against the bone on Tuesday with the transnational currency hitting a- time high of Rs190.10 in the interbank request.
The rupee was quoted at 189.89/190.04 at 11:20am with trades reported at Rs190.
The greenback appreciated by Rs1.44, surpassing Tuesday’s close of Rs188.66. The last time the dollar reached an all-time high was on April 1, when it crossed the Rs189 mark.
The rising exchange rate has rattled frugality. The rupee has been losing its value substantially because of an unbridled rise in insignificance and a fairly slower pace of growth in exports. This is reflected in the trade deficiency, which reached $39 billion in July-April.
Currency dealers say advanced demand for bones is the crucial reason for the bullish trend in currency requests. Political bottom- dragging by the peremptory government on the reversal of energy and electricity subventions — a prerequisite for the resumption of the loan program by the International Monetary Fund — has further eroded the confidence of stakeholders.
