The rate for the US Dollar stands at Rs286 on Tuesday morning, as the interbank exchange rate saw a steady increase of a good 71 paisas at the start of the new trading session.
A short while later, the Pakistani currency lost a huge chunk of Rs1.21 to the US Dollar, which traded at Rs286.50.
According to currency dealers, the greenback saw another sharp rise of Rs1.71 against the Pakistani rupee in the interbank market, and reached the value of Rs287.
At the closing of the trading session on Tuesday, the US Dollar saw a raise of Rs1.11 and closed with a value of Rs286.40 in the interbank market.
Interbank closing #ExchangeRate for todayhttps://t.co/soXvFXBizB#SBPExchangeRate pic.twitter.com/SFg5k8GYaY
— SBP (@StateBank_Pak) November 7, 2023
In the open market, the Dollar shot up to Rs288 after a rise of Re1 for another straight day.
The price of the US Dollar against the Pakistani Rupee has gone out of control once again, as its demand increases over the past couple of weeks.
In the last 17 days, the price of American currency has seen a massive increase of Rs9.75 in the interbank market, and more than Rs11 in the open market.
On Monday, the rate for the US Dollar closed at Rs285.29 at the end of the trading session in the interbank market.
At the start of the new business week on Monday, the rate for the US Dollar stood at Rs284.70, as the interbank exchange rate saw a steady increase of 39 paisas. Shortly after noon, the greenback gained 69 paisas, according to currency exchange dealers, and reached the milestone of Rs285.
In the open market, the Dollar shot up to Rs286 after an increase of Re1.
Interbank closing #ExchangeRate for todayhttps://t.co/1tS1teVmVg#SBPExchangeRate pic.twitter.com/zIgqJLQQSn
— SBP (@StateBank_Pak) November 6, 2023
Over the past couple of weeks, the American currency has been witnessing a steady rise against the Pakistani Rupee after falling to a historic low due to a crackdown on hoarders and exchange mafia.
In the last 16 days, the value of the US Dollar has gained more than a massive Rs8 in the interbank market.
However, now that demand for the Dollar has increased, its value is on a sharp rise. This development comes in the wake of the ongoing economic review of the country by a visiting delegation of the International Monetary Fund (IMF).
Also Read: US Dollar witnesses steady rise against Rupee
On Saturday, the rate for the US Dollar stood at Rs284.31, as the interbank exchange rate saw a nearly Rs4 rise during the past week.
In the second week of October, the dollar's interbank rate had dropped to Rs276.83, a significant decline from the highest level of Rs307.10 seen at the beginning of September.
According to State Bank reports, at the end of the previous week, the interbank exchange rate for the dollar was Rs280.57.
During the past week, the dollar saw an overall increase of nearly Rs4.
Economists and financial experts are not certain if this increase is due to any specific conditions imposed by the International Monetary Fund (IMF).
However, they mention that in the past, the rupee's value has been adjusted in response to IMF recommendations.
