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Dollar hits Rs160 in inter-bank trade

The rupee depreciated by 70 paisa as the dollar was being quoted at Rs160.

The US dollar continued to move upwards against the rupee on Friday, hitting Rs160 in the interbank market for the first time since February.

The rupee depreciated by 70 paisa as the dollar was being quoted at Rs160/160.10 at 10:50am compared to yesterday’s closing value of Rs159.30, with trades reported at 160.05.

According to Asad Rizvi, the chief executive officer of Currency Market Associates, big banks were buying US dollars.

Ahmed Mukhtar Naqshbandi

Media person and communication expert for over 25 years. Worked with Dow Jones News, World Bank, CNBC Pakistan, Aaj TV, ARY TV, Abbtakk TV, Business Recorder, Pakistan Observer, Online News Network, TTI Magazine and other local and world Publications.

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