Dollar continues upward march, rises by Rs1.07 in interbank

Pakistani rupee weakened by Rs8.66 against the United States (US) dollar in the interbank currency market in previous week.

Dollar continues upward march, rises by Rs1.07 in interbank. The US dollar continued its flight against the Pakistani rupee for the twelfth consecutive session, rising by Rs1.07 in the interbank market.

According to the State Bank of Pakistan (SBP), the greenback appreciated by Rs1.07 and closed at Rs237.91 – depreciating by 0.45 percent.

Meanwhile, the banks were selling the greenback at Rs238.41. In open market, the US dollar was being traded at Rs242 to Rs245, the Forex Association of Pakistan (FAP) added.

The PKR’s battering continued despite the State Bank of Pakistan confirming that Pakistan has received a loan tranche of US$1.16 billion from the International Monetary Fund (IMF).

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It is pertinent to mention here that the Pakistani rupee weakened by Rs8.66 against the United States (US) dollar in the interbank currency market in previous week.

According to a weekly report, the greenback closed at Rs236.84 against the domestic currency, as compared to Rs228.18 at the start of the business week.

In the open market, the US dollar appreciated by Rs6.50 to close at Rs241 from Rs234.50 at the start of the business week.