Dollar hits new high, Rupee’s free-fall continues

KARACHI: The free-fall in the rupee value continued on Tuesday, as the dollar hit a new record high of Rs178.19 at the closing of the interbank foreign exchange market, dealers said.

The exchange rate witnessed a decline of two paisas against the dollar from the previous day’s closing of Rs178.17 in the interbank. The last day’s closing was the previous record low of the rupee.

The dealers said the dollar demand remained high due to the year-end foreign exchange requirements for import and corporate payments.