The US Dollar started trading on Wednesday morning at Rs286.50 after witnessing a jump of 11 paisas in the interbank currency market. According to currency dealers, the American currency a short while later made a big jump of 61 paisas in the interbank trade against the Pakistani Rupee and reached the value of Rs287. At the closing of the trading session on Tuesday, the US Dollar saw a raise of Rs1.11 and closed with a value of Rs286.40 in the interbank market. 

In the open market, the Dollar shot up to Rs288 after a rise of Re1 for another straight day. The price of the US Dollar against the Pakistani Rupee has gone out of control once again, as its demand increases over the past couple of weeks. In the last 17 days, the price of American currency has seen a massive increase of Rs9.75 in the interbank market, and more than Rs11 in the open market. On Monday, the rate for the US Dollar closed at Rs285.29 at the end of the trading session in the interbank market.

At the start of the new business week on Monday, the rate for the US Dollar stood at Rs284.70, as the interbank exchange rate saw a steady increase of 39 paisas. Shortly after noon, the greenback gained 69 paisas, according to currency exchange dealers, and reached the milestone of Rs285. In the open market, the Dollar shot up to Rs286 after an increase of Re1.

Credit: Independent News Pakistan (INP)