KARACHI: The persistent rise in US dollar beside rupee on Wednesday sustained as the greenback reached historic high in the interbank, ARY NEWS reported.
Rendering to forex dealers, the US dollar amplified by Rs2.07 against rupee in the interbank and traded at Rs236. In open market, the greenback traded amongst Rs237 and Rs238.
The forex dealers said that the banks are selling the greenback at Rs236.50.
On Tuesday, the US dollar reached all-time high in contradiction of rupee in interbank as Pakistan remains to witness political instability.
According to the State Bank of Pakistan (SBP), the US dollar saw an upsurge in value by Rs3.05 and closed at Rs232.93.
Formerly, the State Bank of Pakistan (SBP) recognized the 11-rupee change in the exchange rate in just two days to the “market-determined exchange rate system” under which the existing account position, news stories, and domestic insecurity contribute to the daily currency variations.
In a seeming effort to downplay the depreciation, the SBP said a “better measure” of the rupee’s power is the real effective exchange rate, which takes into account the currencies in which Pakistan trades in inflation-adjusted terms.