This morning, the value of the US dollar (USD) experienced a significantdecline in the interbank market, falling below the 300-rupee mark andcurrently trading at 299.60 Pakistani rupees. Forex dealers reported anotable drop of 1.56 rupees in the greenback’s exchange rate within theinterbank segment.
Concurrently, currency dealers noted that banks were offering the dollar toimporters at a slightly higher rate of 300.10 Pakistani rupees. In the openmarket, the dollar’s value has been consistently hovering around 298rupees, as reported by Forex dealers.
The recent resurgence of the Pakistani rupee (PKR) against the US dollar(USD) has been a remarkable development, with the USD depreciating by 7.50rupees within just six trading sessions within the interbank market.
Additionally, in the open market, the dollar has shed a substantial 30rupees, according to reports from currency dealers. Notably, the USdollar’s rate reached parity with the Pakistani rupee in both the interbankand open market segments on the previous day.
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President of the Forex Association of Pakistan, Malik Bostan, hadpreviously predicted that the US dollar would continue to weaken,potentially entering a reverse gear mode and dropping below thepsychologically significant threshold of Rs 300. These recent fluctuationsin the currency exchange rates underscore the dynamic nature of the globalfinancial landscape and its impact on Pakistan’s economic outlook
