Despite the settlement of political dust in Pakistan, the US dollar did not waver and held its ground against the Pakistani rupee as the trading began in interbank market on Monday. According to forex dealers, the greenback edged up by six paisas against the rupee. The US dollar again touched the Rs224 mark against the local currency with an appreciation of six paisas. On the last trading day which was Friday, the American currency ended the business at Rs223.94.

The local currency has been trading in a range between Rs218 and Rs224 against the US dollar since many weeks. However, the volatility earlier seen in the interbank rates has shifted to the open and black markets, where spreads have reached Rs8-10 on every dollar. Moreover, foreign exchange reserves held by the State Bank decreased $134 million on a weekly basis, clocking in $7.83 billion as of November 18, 2022, according to data released on Thursday last.

Credit : Independent News Pakistan-INP