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[ad_1] On Wednesday, the interbank exchange rate for the US Dollar experienced a notable 22-paisa drop, standing at Rs285.30. The day began with an unexpected 13-paisa increase, according to currency dealers. However, as the trading day continued, the Pakistani Rupee displayed resilience, leading to a strengthening trend in the market. During the course of trading, the interbank rate saw a reduction of 22 paisas, bringing the exchange rate to a stable Rs285.30. This turnaround reflects the dynamic nature of currency markets, where fluctuations are not uncommon. In placement with the interbank market, the open market also witnessed a decline in the US dollar's value, with a 50-paisa drop, settling at Rs285.50. This slight dip in the open market further contributes to the overall narrative of the US Dollar's adaptability in the face of market dynamics. Looking back at the last day of the previous business week, there was a 10-paisa increase in the value of the US D...

[ad_1] The Pakistani rupee fell by Rs1.52 against the US dollar during interbank trade on Tuesday, extending its losses from the previous week. The greenback was changing hands in the interbank market at a record Rs298.65 at around 1pm. In the open market, the dollar was changing hands for Rs306. The local currency closed at Rs297.13 yesterday, rising by Rs1.35 from the last week’s close of Rs295.78, according to data shared by the Exchange Companies Association of Pakistan (ECAP). Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves. The removal of those restrictions beginning in June was a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.   [ad_2] Source link https://worldnews2023.com/business/pkr-slumps-to-record-low-against-us-dollar-such-tv/?feed_id=319436&_unique_id=66ff5b8f54c6b

[ad_1] The US dollar’s relentless surge against the Pakistani rupee shows no signs of abating, reaching record highs in both the interbank and open markets on the second day of the business week. According to details, the dollar’s value climbed by an additional 75 paisas in the interbank market, settling at an alarming 302.75 rupees. In the open market, the dollar remains at a historic level of Rs316. Within a mere two weeks, the US dollar has appreciated by a staggering 13 rupees in the interbank market and 20 rupees in the open market. On Monday, the rupee concluded the day at an all-time low against the US dollar, closing at 302. [ad_2] Source link https://worldnews2023.com/business/us-dollar-soars-to-new-high-against-pkr-such-tv/?feed_id=300178&_unique_id=662f46d2e6b41

[ad_1] KARACHI: The Pakistani currency witnessed a strong rebound as the International Monetary Fund (IMF)’s new loan programme defended its value, causing speculators to suffer losses. The rupee gained a significant 3.83%, or Rs10.55, reaching a four-month high at Rs275.44 against the US dollar in the inter-bank market on Tuesday. In the open market, the currency also experienced a jump of 3.57%, or Rs10, reaching Rs280 against the greenback. However, the closing price was significantly lower compared to Finance Minister Ishaq Dar’s claim of Rs270-272 against the dollar in the retail market just a day ago, despite the market largely being closed during the day. Furthermore, Pakistan’s global Eurobond continued its astonishing rally for the third consecutive working day, while gold prices further decreased following the signing of the staff-level agreement (SLA) between Pakistan and the IMF for a new nine-month loan programme worth $3 billion. Tuesday marked the first tradin...