Dollar scales to record high against PKR, closes at Rs300.2 in interbank

The US dollar ascended to a record high against the Pakistani rupee on Thursday, crossing the barrier of Rs300 to the greenback in the interbank market. The greenback was changing hands in the interbank market at a record Rs300.2 at closing, according to the Forex Association of Pakistan. In the open market, the dollar was trading at Rs314. Yesterday, the dollar closed at Rs299.64, according to daily data released by the State Bank of Pakistan. In the open market, it was traded up to a price of Rs315 during the day, but the Exchange Companies Association of Pakistan (ECAP) had reported the buying and selling prices as Rs309 and Rs312, respectively. As the dollar continued its upward march today, analysts called for a “sound strategy” from the government to curtail the black market. “The government and all stakeholders need to implement a sound strategy to eliminate the black market,” said Saad bin Naseer, director of financial data and analytics portal Mettis Global.