KARACHI: The rupee further depreciated against the dollar on Tuesday by one rupee and fifteen paisas, reaching an all-new record level of Rs205 in the interbank market as uncertainty over the International Monetary Fund bailout package looms.

The exchange rate for the greenback on Monday was closed at Rs203.86 in the interbank market, according to the State Bank of Pakistan.

US Ambassador to Pakistan Donald Blome, along with a delegation, on Tuesday, visited the stock market and started the business by ringing the traditional bell.

“I am happy to be here [stock market]. This is my first visit to Karachi and I am very happy,” he told a gathering. On the 75 years of Pakistan and US ties, he said the country still believed in boosting bilateral relations.

He appreciated the investment of US companies in the stock market and expressed the desire that more American firms should visit Pakistan.

“We have to take steps to improve good trade relations with Pakistan,” Blome said.

More to follow