The greenback plummets by 80 paisas in open market
The rupee has started to recover in the interbank and open market with economic experts predicting that it will continue the winning streak.
According to the State Bank of Pakistan, the US dollar recorded a depreciation of 0.27% Wednesday in the interbank market. The currency dropped by 24 paisas to Rs175.48.
The US dollar had jumped to an all-time high of Rs176.20 on November 29.
Exchange Companies Association Secretary Zafar Paracha told SAMAA Digital that the value of the dollar had been propped up artificially and it will further drop once the International Monetary Fund (IMF) releases its next loan tranche to Pakistan.
The government is hopeful that it will receive the next installment of the loan by January or February.
In the open market, the greenback plummeted by 80 paisas and settled at Rs176.50.
Here are the open market rates of major currencies on December 1, 2021:
Additionally, Abdul Razzaq Dawood, the PM’s aide on commerce and investment, said that the pressure on the rupee was eased by exports which increased to a record high of $2.9 billion in November this year.
It is a 33% YoY increase as the country exported goods and services $2.174 billion worth in November 2020.