Rs154 per dollar: rupee hits record low

KARACHI: Rupee weakened by 1.5 percent to hit a new record low of 151.92 in the interbank market on strong dollar demand on Tuesday, ignoring hefty increase in the interest rate a day earlier as analysts bet on the central bank’s much-needed intervention to tame the pressure on the local currency.

The rupee weakened from 149.65 in the previous session. The rupee also plunged in the open trade, tracking a weaker currency in the official market. The local currency slid by Rs3 to close at 154 against the dollar in the open market, further fading from the previous close of 151.

Meanwhile, 24 carat gold rate surged to Rs72,100 per tola on Tuesday.