US Dollar falls further against Pakistani Rupee in interbank and open market

US Dollar falls further against Pakistani Rupee in interbank and open market

This morning, the value of the US dollar (USD) experienced a significant decline in the interbank market, falling below the 300-rupee mark and currently trading at 299.60 Pakistani rupees. Forex dealers reported a notable drop of 1.56 rupees in the greenback's exchange rate within the interbank segment.

Concurrently, currency dealers noted that banks were offering the dollar to importers at a slightly higher rate of 300.10 Pakistani rupees. In the open market, the dollar's value has been consistently hovering around 298 rupees, as reported by Forex dealers.

The recent resurgence of the Pakistani rupee (PKR) against the US dollar (USD) has been a remarkable development, with the USD depreciating by 7.50 rupees within just six trading sessions within the interbank market.

Additionally, in the open market, the dollar has shed a substantial 30 rupees, according to reports from currency dealers. Notably, the US dollar's rate reached parity with the Pakistani rupee in both the interbank and open market segments on the previous day.

President of the Forex Association of Pakistan, Malik Bostan, had previously predicted that the US dollar would continue to weaken, potentially entering a reverse gear mode and dropping below the psychologically significant threshold of Rs 300. These recent fluctuations in the currency exchange rates underscore the dynamic nature of the global financial landscape and its impact on Pakistan's economic outlook