Pakistani Rupee gained against US dollar in open market
*The dollar dropped 40 paisa **against the rupee and was selling at Rs139.20 in the early hours of the open market trade on Wednesday.*
The greenback fell slightly below its closing price of Monday when it was trading at Rs139.60. The dollar had been hovering at the level of Rs140 for two weeks before it fell below that mark, an indication it has become stable for now.
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 Rs139 since then. The interbank rate is the benchmark rate that determines the rupee’s value against the US dollar and usually remains slightly below the open market rates.
Since December 2017, when a dollar was worth Rs106, its rate has appreciated more than 30% against the rupee, witnessing two of its biggest ever single day jumps in the short span of one-and-a-half months.