KARACHI: The US dollar later days of hike in interbank and open market saw a drop beside rupee on Tuesday amongst government and SBP’s declaration that the country will have enough funds for FY2022-23 after receiving IMF tranches.
Rendering to forex dealers, the US dollar shed Rs0.94 in the interbank and is presently being traded at Rs237.90. The banks are selling the greenback at Rs238.50.
In open market, after touching the Rs250 mark, the US dollar declined to Rs239.
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The rupee’s freefall sustained on early Friday in contradiction of the US dollar in the interbank, though, it reversed the losses in the second half amid reports that COAS Qamar Bajwa has loomed US for playing a role in instant release of a US$1.2 billion tranche.
Formerly, the State Bank of Pakistan (SBP) attributed the 11-rupee change in the exchange rate in just two days to the “market-determined exchange rate system” under which the current account position, news stories, and domestic insecurity contribute to the day-to-day currency fluctuations.