Dollar reaches all-time high at Rs224.92

The US dollar continued its ascent on Wednesday against the Pakistani rupee, closing  at a new all time high of Rs224.92 in the interbank market.

The new rate was a climb by Rs2.93 from yesterday's close of Rs221.99 to a dollar, a record high at the time.

In the open market, the dollar rose to Rs225.

Finance minister Miftah Ismail said the situation will move towards normality after improvement in the political situation in the next few days. He was referring to the election of the Punjab chief minister on July 22.

Miftah said the dollar has appreciated against other currencies of the world as well.

More to follow.