Dollar shows unabated surge by 2 rupees in open market
(Web Desk)- In a relentless surge, the value of the US dollar against the Pakistani rupee continued to rise, reaching an unprecedented high of Rs330 in the open market on Monday (today).
On the first day of the business week, the interbank market saw the dollar’s value increase by 53 paisas, while in the open market, it surged by 2 rupees.
The staggering climb to Rs330 in the open market is a new record that has left traders and the public grappling with the implications.
Last week had witnessed a slight dip in the dollar’s value in the interbank market, as it had depreciated by 7 paisas, closing at Rs305.47 according to the State Bank of Pakistan (SBP).
However, the respite was short-lived as the dollar bounced back, reaching an all-time high of Rs305.54 in the interbank market, surpassing the previous week’s high of Rs301.
The open market also experienced a surge, closing at Rs328, an increase of 5 rupees.
Economists are attributing this rise in the dollar’s value to various factors. Firstly, the conclusion of the International Monetary Fund (IMF) standby program has led to increased pressure on the dollar, with imports and exports being impacted.
Additionally, external payments made in July further contributed to the dollar’s appreciation