LAHORE (Daily Point) — The US dollar extended its winning streak by surging 22 paisas against the Pakistani rupee, reaching a rate of Rs280.80 on a Monday morning.
Subsequently, the currency experienced a more significant ascent of 43 paisas, reaching a value of Rs281 within the interbank market.
Furthermore, in the open market, the US dollar appreciated by Re1, settling at Rs283 on the same Monday morning. As the trading session concluded, the US Dollar closed at Rs280.95, marking a 38-paisa increase. In the open market, the currency concluded at Rs282.50 after a Re1 increment.
Just the prior Saturday, the US Dollar was valued at Rs280.57, signifying a noteworthy increase of Rs1.77 in the interbank exchange rate over the course of the past week.
Following five consecutive weeks of the US dollar’s declining value against the Pakistani currency, a new trend has emerged over the past two weeks, indicating an upward trajectory. According to the State Bank of Pakistan, the dollar closed at Rs280.57 in the interbank market on the preceding Friday.
The US dollar’s value had experienced a continuous decline against the Pakistani rupee for 28 consecutive business days, even falling below Rs277 at one point. However, this decline ceased during the previous week. Currency market experts anticipated a substantial drop in the dollar’s value and a subsequent recovery.
