Dollar at interbank up by 1 paisa
In the open market, the value of the dollar remained stable and was closed at Rs156.25.
KARACHI (Dunya News) – Pakistani Rupee continues to make fresh gains against US dollar in interbank on Wednesday.
In interbank, the dollar became cheaper by 1 paisa, after which the new value of the US currency closed at Rs156.15.
Likewise, in the open market, the value of the dollar remained stable and was closed at Rs156.25.
On Monday, the local currency gained 24 paisa against the greenback and closed at Rs156.52.
It is pertinent to mention here that in September, 2018, the greenback traded at Rs134 and later in November, it weighed around Rs142. At the end of previous year, the local currency traded at Rs139.40 against the dollar.
Earlier, economists had expressed fears that the rising oil prices in the international market after attacks on Saudi Arabia’s state-owned Aramco oil facilities would adversely affect the rate of US dollar. They had termed the development as “bad omen for Pakistan’s economy.”
In the previous two months, the local currency had recovered significantly against the greenback in the interbank market.
Currency traders were of the view that the increasing inflows of remittance in have supported the local rupee in the market.
Earlier, the rupee was observed to cumulatively depreciate against the greenback, which in turn had resulted in increased prices of goods and hardships for the general public.
The SBP has let the rupee depreciate significantly in the inter-bank market after finalising an agreement with the International Monetary Fund (IMF) for a loan programme on May 12.
The IMF had asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar.
