Dollar spikes to high of Rs4 in interbank trading

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The rupee has plunged to a record low of Rs129.4 against the dollar in the inter-bank market on Monday morning, as burgeoning trade and current account deficit alongside deteriorating foreign currency reserves continue casting a shadow over the economy.
According to latest reports, the rupee was trading at Rs129.4 against the greenback in the inter-bank market, following the State Bank of Pakistan’s decision to raise the key interest rate by 100 basis points to 7.5 percent on Saturday.
The rupee had closed at Rs121.55 against the greenback in the inter-bank market on Friday.
Last month, the State Bank of Pakistan (SBP) had devalued the rupee by 4 percent against the dollar following the 10 percent depreciation in December 2017 and March this year.