US dollar crashes against Pakistani Rupee in open market
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The US dollar crashed by a huge margin against the Pakistani rupee in open market on Thursday after State Bank of Pakistan’s permission for dealers to buy dollars from the interbank market for credit card business.
The greenback nosedived by 11 rupees as it was now being traded at Rs300 down from Rs311.
Exchange Companies Associatio General Secretary Zafar Piracha predicted that the US dollar will lose more value in the open market in the days to come. “Improvement in supply will also take the US dollar down in the open market,” he added.
Meanwhile, as uncertainty about the IMF loan programme continued to grip the money market, the Pakistani rupee edged up against the US dollar in the interbank business on Thursday.
According to the information extracted from the forex dealers, the local currency was appreciated by 37 paisas against the greenback and was currently being traded at Rs285.10.
On Wednesday, the Pakistani rupee had sustained marginal losses against the US dollar, depreciating by 0.04% in the interbank market. At close, the currency settled at 285.47, a decline of 12 paisas.
