The value of the US dollar witnessed a notable decrease of 99 paisas, settling at 286.75 rupees in the interbank exchange rate in Karachi on the first day of the business week. According to the Bloomberg report, a remarkable surge of almost 6% has catapulted the PKR to a seven-week high against the US dollar, with the exchange rate closing at an impressive Rs287.74 against the greenback. The decline in the value of the dollar has persisted, with the interbank rate experiencing a notable drop of 90 paisas.

Continuing its recent strengthening trend against the mighty US dollar, the Pakistani rupee gained further ground at the trading session on Thursday. In a recent development, the value of the US dollar witnessed a modest decline in the interbank and open market exchange rates in Pakistan. In the interbank market, the dollar saw a drop of 1 rupee, settling at a rate of Rs287.75. Similarly, in the open market, the US dollar experienced a depreciation of one and a half rupees, bringing its selling price to 288 rupees and 50 paisas. The US dollar closed the day's trading activity with a drop of Rs1.1 to settle at Rs287.74, while in the open market, it saw a decline of Rs2 to close at Rs288 on Thursday evening.

Over the last 17 days, the American currency has depreciated against the rupee by Rs19.36 in the interbank market and Rs42 in the open market. The steady depreciation of the dollar against the Pakistani rupee is a significant development in the local financial landscape. In the interbank market, the rupee started trading at Rs288.64, after an increase of Rs1.16 on Wednesday morning. Later, the greenback dropped by a further Re1 and was traded at Rs288.80, while in the open market also the currency lost Re1 to settle at Rs290.

 
Credit: Independent News Pakistan (INP)