Pakistan News

Dollar peaks to new high of Rs175 in intraday trade

Dollar peaks to new high of Rs175 in intraday trade

The US dollar peaked to a new high against the rupee on Tuesday, soaring to Rs175 in the intraday trade.

According to an update on Mettis Global, a web-based financial data and analytics portal, the rupee was being traded at Rs175 against the dollar at 12:23pm compared to the previous session's close of Rs174.43.

The rupee weakened by 37 paisa due to the higher demand for the greenback that "shattered the traders' sentiments", according to the report.

“Market needs a firmer direction. Traders are nervous and unsure about the next move, which is causing the high level of stress," Asad Rizvi, the former treasury head at Chase Manhattan bank, was quoted as saying by the report.

He added that there was no stopping the rupee's "one-sided move" and players were unsure about the size of the next hike. Rizvi said that rebalancing portfolios and mitigating financial losses was difficult, according to the report.

More to follow.

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