The interbank exchange rate for the US dollar dropped by Rs 5.05, resulting in the US dollar being closed at Rs 282.69 last week. Over the past week, the interbank rate for the US dollar had already seen a significant overall decrease of more than Rs 5. In a report from currency dealers, it was revealed that on the first day of the business week, the interbank rate for the US dollar saw a reduction of Rs1.09, bringing the exchange rate to Rs 281.60.
Meanwhile, in the open market, the US dollar also experienced a substantial decline of Rs 5.50, reaching a rate of Rs 282.50. This decrease in the open market has brought the US dollar to its lowest level in recent times, marking a notable drop of Rs 50.50 from its peak. The dollar rate has plummeted to as low as Rs 24.41 after previously reaching an all-time high in the interbank market.
Moreover, Pakistani Rupee (PKR) has emerged as the world’s top-performing currency against the US Dollar over the past month, with a remarkable appreciation of 9.67%.
On Monday, the current rate for the US Dollar stands at Rs281.60, as the interbank exchange rate saw a notable Rs1.09 drop today.
Experts emphasize the need for continued economic reforms and wise fiscal policies to sustain this momentum.
