In the current open market scenario, the US Dollar (USD) has surged to ahistoric high against the Pakistani Rupee (PKR), reaching Rs 322, withreports indicating an even higher rate of Rs 328 in some markets.
This surge in the value of the US dollar has led to a notable depreciationof the Pakistani rupee, marking its lowest point in the past two weeks. Theincreased demand for the US dollar is prevalent both in the interbankmarket and the open market, contributing to its sustained peak in therecent economic landscape.
Specifically, within the interbank market, the US dollar is trading at Rs305.60, signifying a notable increment of Rs 1.15. Concurrently, banks areoffering dollars at Rs 306.10 to importers who require letters of credit(LCs), further illustrating the heightened demand for this currency.
Forex dealers have reported that the open market is witnessing the sale ofthe US dollar at Rs 322, reflecting a substantial increase of Rs 2.50.However, it is worth noting that the currency is not available at thereported rate of Rs 328 within the market.
Read Top Stories
It is pertinent to mention that recent developments have seen the US Dollar(USD) experience a contrasting trend. Just prior to this surge, the USD hadexperienced a dip to a two-week low in relation to the euro and a basket ofcurrencies. This drop was attributed to data indicating that U.S. privatepayrolls had experienced lower-than-expected growth in August. These eventscontributed to the speculation that the Federal Reserve might halt itstrend of increasing interest rates. This speculation was further fueled bysoftened data throughout the week, leading to the belief that the centralbank’s cycle of tightening has potentially come to an end. This sentimentemerged following a brief period of heightened expectations for a Novemberrate hike following moderately hawkish comments made by Fed Chairman JeromePowell on the previous Friday.
