Rupee hits new low of Rs206.5.

KARACHI -- The US dollar kept going higher against the rupee on Wednesday setting record on day-to-day basis creating frustration among the stakeholders of the economy.

The closing price of dollar in the interbank market was Rs206.46 while it appreciated by Rs1.30. On Tuesday, the dollar appreciated by Rs1.30 against the local currency.

The fear of default by the country is high in the financial sector mainly because of steep decline in the foreign exchange reserves of the State Bank. Each day the finance minister issues alarming statement about the external account of the country while at the same time, he has failed to open any window for the inflows of dollars.

The open market witnessed the dollar price as high as Rs208.

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