US Dollar dropped against Pakistani Rupee in open market
*ISLAMABAD - The dollar dropped 40 paisa against the rupee and was selling at Rs139.60 in the early hours of the open market trade on Monday.*
The green back fell slightly below its closing price of Friday when it was trading at Rs140. The dollar has been hovering at the level of Rs140 for two weeks, an indication that it has become stable for now. A similar trend was observed in the inter-bank market where it fell slightly and traded at Rs138.95 when trading opened.
On November 30, the dollar jumped Rs9.5 to Rs143.5 in the interbank market in what remains its highest intraday gain and highest ever level in its history respectively. However, it has come down to Rs140 since then.
The surge in dollar price against the Pakistani rupee is due to the change in our exchange rate policy and rising value of dollar in international market. All major currencies that were pegged against the dollar depreciated this year.