Federal Budget

Dollar up Rs2.10 as PKR fails to recover after Eid holidays

Dollar up Rs2.10 as PKR fails to recover after Eid holidays

Business

Traded for Rs280 in interbank, for Rs283 in open market

KARACHI (Dunya News) – The US dollar gained Rs2.10 against the Pakistan rupee during early interbank trading as business activities restarted after the weekend as the local currency hasn’t been able to sustain the upward movement seen after the Eidul Azha holidays.

As a result, the dollar was available for Rs280 after closing at Rs277,90 on Friday – the last business day of the week.

Meanwhile, the greenback was being traded for Rs283 in the open market – a welcoming sign that the difference between the official exchange rate and the one offered by currency dealers has narrowed after going up to over Rs20 in the past months.

Resultantly, it had encouraged black market and hoarding as people with resources had stocked the world’s dominant currency with a hope to earn profit or at least ensure their savings.

On the other hand, the Pakistan Stock Exchange (PSX) was in the green after the benchmark KSE-100 Index touched 44,583.50 against the previous close of 44,207.31.

By the time this report was filed around 1:35pm, the KSE-100 Index was recorded at 44,428.31, representing a gain of 220.82 points, or 0.50 per cent.