Friday September 09, 2022

Dollar Rising Trend Continues As It Increased By Rs 2.58

Karachi: The dollar rising trend continued on Friday as the greenback turned expensive by Rs 2.58 in the inter-bank market.

After an uptick of Rs 2.58 the dollar is being traded at Rs 228.

Earlier, the Pakistani rupee’s downfall against the US dollar continued for the fifth consecutive session on Thursday.

The local unit closed at 225.42 after losing 2 in the interbank market, down in value from the previous session’s close of 223.42, according to the State Bank of Pakistan (SBP).

The rupee has cumulatively lost around 6.82 against the dollar since this week’s trade began and is seemingly on the same pattern that was witnessed two months back — when the local unit hit 239.37 on July 28.

The rupee’s depreciation follows a fluctuation in the demand and supply position of the greenback in the currency market.

Traders and dealers had expected the rupee to trade within a range of 218-19 in the coming days but the situation has quickly changed as floods have overshadowed the International Monetary Fund’s (IMF) loan disbursement.

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