KARACHI: The US dollar after days of hike in open market saw a drop beside rupee on Monday subsequently it shed Rs3, NEWS reported.
Conferring to forex dealers, the US dollar shed Rs0.37 in the interbank and traded at Rs239.37 as the banks are still selling the greenback at Rs243. In open market, after stirring the Rs250 mark, the US dollar weakened to Rs247.
The rupee’s freefall sustained on initial 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 approached US for playing a role in instant release of a US$1.2 billion tranche.
According to the State Bank of Pakistan (SBP), the rupee rose by Rs0.57 in the interbank and traded at Rs239.37. “The banks are selling US dollar at Rs242 while in open market, it being exchanged between Rs242 and Rs244,” the forex dealers said.
Interbank closing #ExchangeRate for todayhttps://t.co/7mgh1WaWW6 pic.twitter.com/YkprdgF19D
— SBP (@StateBank_Pak) July 29, 2022
Formerly, the State Bank of Pakistan (SBP) official 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 ambiguity contribute to the daily currency variations.
Read Also: Rupee’s Freefall Sustained Beside The US Dollar
In a seeming attempt to downplay the depreciation, the SBP said a “better measure” of the rupee’s strength is the real actual exchange rate, which takes into account the currencies in which Pakistan trades in inflation-adjusted terms.