ISLAMABAD : The US dollar lost 37 paisas during Wednesday’s interbank trading, continuing its downward trend against the Pakistani rupee and reaching Rs 282.
Following a three-day holiday, the Pakistani rupee strengthened against the US dollar on Tuesday in the interbank foreign exchange market.
Read More: Dollar becomes 37 paisa cheaper
The value of the dollar dropped by 25 paisas to Rs283.75 on the open market.
In a related development, over the course of this fiscal year (FY24), the total amount borrowed by the federal and provincial governments from the domestic banking system for budgetary support has increased by 200%.
Read More: PSX is still in a downward spiral, US dollar drops further
With thin year-end flows limiting movements, the US dollar faced continued pressure internationally on Wednesday, while the euro flirted with a four-month peak as expectations that the Federal Reserve would soon cut interest rates took hold in the market.
Due to traders’ worldwide vacations through the New Year, the week that was shortened is probably going to see low volume.
