Rs 286 in inter-bank
ISLAMABAD: The US Dollar exchange rate started Tuesday morning at Rs 286 in inter-bank, with the interbank rate showing a consistent increase of 71 paisas at the beginning of the trading session.
Shortly after, the Pakistani Rupee depreciated significantly against the US Dollar, falling by Rs1.21 to reach Rs286.50.
In the open market, the US Dollar surged to Rs288, marking a consecutive increase of Re1 for another day.
The demand for the US Dollar has surged in recent weeks, causing its exchange rate against the Pakistani Rupee to spiral out of control.
Over the past 17 days, the US Dollar’s value has witnessed a substantial rise of Rs9.75 in the interbank market and over Rs11 in the open market.
On the previous day, the interbank market closed with the US Dollar at Rs285.29, but at the start of the new business week, it began at Rs284.70, experiencing a steady gain of 39 paisas.
Later in the day, it further increased by 69 paisas, reaching Rs285.
In the open market, the US Dollar escalated to Rs286 after a Re1 increase.
In recent weeks, the US Dollar has been steadily climbing against the Pakistani Rupee, following a historic low caused by actions against hoarders and exchange irregularities.
During the last 16 days, the US Dollar’s value has surged by over Rs8 in the interbank market. The current upswing in its value is attributed to increased demand, coinciding with the ongoing economic review of the country by an IMF delegation.
Notably, on Saturday, the US Dollar was at Rs284.31, reflecting a nearly Rs4 increase in the interbank exchange rate over the past week.
Some economists and financial experts speculate that it might be a response to IMF recommendations, as the Rupee’s value has been adjusted in the past in line with such guidance.
