Rupee stays on front foot, up Rs1.03 against dollar
Business
Trend continues as local currency recovers after touching a record low
KARACHI (Dunya News/Web Desk) – The rupee again started the Thursday session on a positive note as it had another Rs1.03-gain against the US dollar during interbank trading so far.
By the time this report was filed around 11:45am, the dollar exchange rate stood at Rs283.65 against the last closing value of Rs284.68.
On the other hand, the dollar was available for Rs284 in open market after the rupee gained 50 paisa on Thursday– translating into a Rs49 appreciation for rupee after it experiencing the worst nosedive in its history.
The rupee had started nosediving when its official exchange rate dropped to Rs299 on August 22. Previously, it was earlier this year on May 11 when the dollar had jumped to Rs298.93. Later, the local currency depreciated to the new record to low of Rs307.10.
Later, the local currency depreciated to a new record low of Rs307.10 in interbank and Rs333 in open market trading, worsening the cost-of-living crisis in the country which is witnessing record-high inflation amid rising food prices and the repeated increase in energy rates.
Read more: Cheer up Pakistan as analysts see a weakened dollar ahead
However, things started changing earlier this month when the rupee bounced back both in interbank and open market exchange rates as the government clamped down on market manipulators and dollar’s smuggling across Pakistan’s western borders into Afghanistan.
