The interbank rate has dropped below Rs150
The rupee has been on the rise for the past couple of days. It opened in the open market on Monday Rs1.7 lower against the dollar.
The interbank rate was also Rs1.91 lower than Friday’s rate. The interbank dollar rate is now Rs149. The dollar value has dropped Rs3 since last week. The dollar is being traded at Rs150.50 in the open market.
The rupee appreciated by Rs0.53 against the dollar on Friday. It closed on Friday at Rs150.91 in the interbank market and Rs151.70 in the open market.
This is the highest the dollar has ever been against the rupee. The value of the rupee dropped soon after Pakistan signed a three-year $6 billion bailout agreement with the IMF. It touched its highest rate of Rs153 in the open market on May 21.
The stock market has also improved, going up to 35,827.