US dollar hits historic high in interbank,crosses Rs 328 in open market
In the current open market scenario, the US Dollar (USD) has surged to a historic high against the Pakistani Rupee (PKR), reaching Rs 322, with reports 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 depreciation of the Pakistani rupee, marking its lowest point in the past two weeks. The increased demand for the US dollar is prevalent both in the interbank market and the open market, contributing to its sustained peak in the recent economic landscape.
Specifically, within the interbank market, the US dollar is trading at Rs 305.60, signifying a notable increment of Rs 1.15. Concurrently, banks are offering 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 of the 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 the reported rate of Rs 328 within the market.
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 had experienced a dip to a two-week low in relation to the euro and a basket of currencies. This drop was attributed to data indicating that U.S. private payrolls had experienced lower-than-expected growth in August. These events contributed to the speculation that the Federal Reserve might halt its trend of increasing interest rates. This speculation was further fueled by softened data throughout the week, leading to the belief that the central bank's cycle of tightening has potentially come to an end. This sentiment emerged following a brief period of heightened expectations for a November rate hike following moderately hawkish comments made by Fed Chairman Jerome Powell on the previous Friday.