KARACHI: According to the latest report by Mettis Global, a financial data and analytics portal, dollar was reportedly selling at a record high rate of Rs.175 at 12:33 pm.
The value of rupee declined by 37 paisa. The demand for greenback is stated as the reason for the poor performance of rupee.
Asad Rizvi, the former head of treasury at Chase Manhattan Bank, said that lack of direction for traders was the reason behind the rupee decline.
“Market needs a firmer direction. Traders are nervous and unsure about the next move, which is causing a high level of stress.”
He also said that the conditions would not change any time soon, and it was very difficult to rebalance the portfolios and mitigate financial losses.
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