Dollar peaks at fresh high of Rs77.80

KARACHI: The value of rupee in the inter-bank market today further declined by paisa 5 to a dollar closing at the fresh high of Rs77.80.

Forex market dealers said that the greenback, which yesterday had closed at Rs77.75, carried over the pressure for the whole day today, which saw it at a time traded as low as at Rs78.25, but the rupee later on some recovery, yet eroded by paisa 5 wrapped up at Rs77.80.Analysts said that the depleting foreign exchange reserves in the country, soaring imports and the absence of dollar inflow from foreign investors continuing the erosion of the value of rupee.

They further said that the Central Bank was selling dollar in future by buying it from the ready market, which continued triggering rupee melt down.