After recording a steady increase in value at the start of trading on Monday, the rupee once again fell flat and shed some price against the American dollar. On the first day of the business week on Monday, the dollar began trading at Rs295.50 in the interbank market with a loss of 28 paisas against the local currency. However, a little while later, the greenback appeared to be regaining its lost ground and maintained its hold on the rupee, as it gained 72 paisas and was being traded at Rs296.50 against the rupee. Earlier, the rupee had lost 47 paisas in the interbank market and was valued at Rs296.25 against the American dollar. In between, the Pakistani currency had gained slight strength with 8 paisas in the interbank market, and was traded at Rs295.70, as per currency dealers.

In the open market also, the dollar held its ground and strengthened by 50 paisas. It is trading at Rs302.50 in the open market. On the last working day of last week, the Pakistani rupee had experienced marginal depreciation against the US dollar during trading. In the interbank market, the dollar experienced a 86-paisa increase, causing it to appreciate against the Pakistani rupee. Thus, the US dollar’s value closed the week at Rs295.78. This also drew attention to the currency’s performance in the open market, where it had crossed the threshold of Rs300 per dollar.

 Credit: Independent News Pakistan (INP)