US dollar reaches at all-time high of Rs 118.50

The government’s claim to rein in a surge in dollar’s value versus rupee failed miserably on Monday, with an increase of fifty paisa in the value of US dollar to reach at an all-time high of Rs 118.50 on the first day of the trading week.

A few days ago, Adviser to Prime Minister on Revenue Miftah Ismail had said that there would be no further depreciation of rupee.

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During the last four month, the dollar gained 10 percent in value versus rupee, overburdening the country’s import bill.

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