ISLAMBAD – US dollar was up by 90 paisa in the open market on Monday,rising sharply over the last two days.
The green back was trading at Rs139.2, a notable rise from the Friday’srate of 138.3, when it was hovering at its lowest level in two months.
The dollar had kept buyers and sellers on their toes last year because ofvolatility in its prices and hit its all-time closing high of Rs140.3 inNovember last year. It fell below that level shortly after but mostly kepttrading above Rs139.
However, in the last two weeks the dollar had fallen by nearly Rs1 andreached the level it last maintained on December 4. The dollar’s downwardslide came after the central bank received dollars from friendly countriesthat helped its foreign exchange reserves jump to a five-month high.
However, the country still faces shortage of dollars, which is keeping therupee under pressure. The dollar’s rise back to its current level coincideswith Prime Minister Imran Khan’s meeting with International Monetary Fundchief Christine Lagarde on Sunday.
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The dollar in the interbank market also rose by 50 paisa to 138.9. Theinterbank rates are benchmark rates to gauge the rupee’s real value.
In 2018, the dollar appreciated 27% against the rupee, witnessing two ofits biggest ever single day jumps in the short span of one-and-a-halfmonths. It was one of the most volatile years in terms of exchange rateuncertainty.
