On Monday morning, the US dollar (USD) experienced a notable decline of0.95 rupees in the interbank market. The currency was observed trading at arate of 295.90 Pakistani rupees (PKR). Forex dealers were quick tohighlight this significant drop in the greenback’s value within theinterbank setting, emphasizing that it had fallen by 0.95 rupees and wascurrently being exchanged at 295.90 PKR.
In contrast, the open market was witnessing a slightly higher rate for thedollar, with it being traded at 297 rupees. Additionally, currency dealerswere purchasing US dollars at a rate of 290 rupees in the open market.Moreover, it was revealed that banks were selling the dollar to importersat a rate of 296.40 Pakistani rupees.
Notably, the closing rate for the US dollar in the interbank market on thepreceding Friday had been 296.85 PKR, as indicated by currency dealers.This recent fluctuation in the USD-PKR exchange rate demonstrates thedynamic nature of the currency market. It is essential to acknowledge thatthe Pakistani rupee (PKR) has been displaying a remarkable recovery againstthe US dollar (USD) in recent days, making headlines when it dipped belowthe 300-rupee mark in the interbank market the previous week.
Read Top Stories
This ongoing upward trajectory of the rupee has caught the attention offorex dealers, sparking discussions about the factors driving this shift incurrency dynamics
