KARACHI: Devaluation of local currency against the US dollar continued in the open market on Saturday as the greenback hit an all-time high of Rs118.20.

Currency dealers said the dollar was not easily available since its demand was very high, particularly after the government barred property deals without accompanying disclosure on source of income.

Till Friday the inter-bank market remained unchanged at Rs115.65 with dealers saying the State Bank kept a watchful eye.

Read: No further devaluation of rupee in near future, says Miftah

Over the past four months the rupee has been devalued by 9.5 per cent (official devaluation indicated in the inter-bank market).

“Let us see what happens on Monday. If the dollar goes further high we would request the State Bank to supply dollars that could strengthen the market,” said Forex Association of Pak­istan president Malik Bostan.

Published in Dawn, April 22nd, 2018