US dollar rises against Pakistani Rupee in open market

US dollar rises against Pakistani Rupee in open market
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ISLAMABAD - The US dollar was trading at around Rs139.5 in the open market on Monday morning, up by 20 paisa compared to its closing rate of last week.

The dollar has been hovering between Rs139 and Rs140 for a month now, but it had kept buyers and sellers on their toes last year because of volatility in its prices, especially when it hit its all-time closing high of Rs140.3 in November.

Last year, the dollar’s rate appreciated 27% against the rupee, witnessing two of its biggest ever single day jumps in the short span of one-and-a-half months.

The dollar rose against all major currencies pegged against it, but on Monday it fell slightly, by 20 paisa, after investors put to rest the expectations of further rise in the interest rate of the American central bank, which could make the dollar stronger.

Economy