According to forex dealers, the US dollar saw a rise in value by Rs1.87 and traded at Rs230.24. They appealed that the commercial banks are selling dollars at Rs232 while in open market, the greenback traded between Rs231 and Rs232.
The US dollar on Monday sustained to jump in contradiction of rupee in interbank as Pakistan continues to witness political instability amid a battle between PDM and PTI following election of CM Punjab.
At the end of week on Friday, the rupee’s descending slide against US dollar sustained on the fourth successive day and the greenback saw a hike in value in contradiction of the rupee by Rs1.56 and traded at Rs228.37. In the open market, the US dollar traded between Rs229 and Rs230.
Furthermore, the forex dealers further supposed that the banks are buying dollar at Rs229 and selling in the open market at Rs231.
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 ambiguity contribute to the daily currency fluctuations.
In an apparent effort to downplay the depreciation, the SBP said a “better measure” of the rupee’s strength is the real effective exchange rate, which takes into account the currencies in which Pakistan trades in inflation-adjusted terms.