The dollar reached an all-time high of Rs312 in the open market after it recorded a significant increase of Rs6 on Wednesday.

The increase in the open market came as the foreign currency increased by 63 paisas to reach Rs299.64 at the closing of the interbank foreign exchange market. The greenback was trading at Rs299.01 at the closing of the interbank the previous day.

Analysts said that the rising demand for dollars by the importers is a major reason for the rupee’s depreciation. They were of the view that the rupee came under pressure after the State Bank of Pakistan lifted import restrictions.

Meanwhile, the foreign exchange reserves held by the central increased by $12 million to reach $8.05 billion during the week ended on August 11, according to data released by the SBP.

The foreign exchange reserves of the central bank were recorded at $8.04 billion the previous week.

The total liquid foreign currency reserves, including those held by commercial banks, reached $13.37 billion. Among these, the commercial banks had reserves of $5.32 billion.