US dollars rises against Pakistani Rupee, hits two weeks high

US dollars rises against Pakistani Rupee, hits two weeks high
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ISLAMABAD - The dollar is on the rise and has reached a two-week high, up 70 paisa from the level it was trading in middle of last week.

The greenback was trading at Rs139.5 in the opening hours of trade on Monday, the level it last touched on February 28.

With more dollars flowing in from the UAE, which dispatched $1 billion to the State Bank of Pakistan last week, the dollar mostly traded at or below Rs139. However, in the last few trading sessions it went up again and is now inching towards its all-time closing high of Rs140.3, the level it hit in November last year.

In 2018, the dollar appreciated 27% against the rupee, witnessing two of its biggest ever single day jumps in the short span of one and a half months. It was one of the most volatile years in terms of exchange rate uncertainty.

Economy