On Monday, the US Dollar opened the trading session with a value of Rs287.50, as the interbank exchange rate saw a notable rise of 47 paisas. The American currency has continued its sharp upward trend over the past couple of weeks, as Pakistan engages in crucial talks with the International Monetary Fund to clinch the next instalment of over $700 million from a billion-dollar loan program. On the last day of the trading session on Friday, the US dollar continued to gain value against the local currency with an increase of 60 paisas in interbank market.

The new price of the US dollar reached Rs287.50 in the Interbank. At the closing time of the interbank trading, the USD reached Rs287.03 after an increase of 13 paisas against the PKR. As per the Forex traders, the rupee depreciation continued on the last trading day of the current business week. The local value continued to lose its value against the mighty US dollar despite its best performance in September this year after the crackdown and short-term measures to lift the local economy and to re-gain the lost value of the rupee i.e arresting the persons involved in hawala/hundi business across the country.

Credit: Independent News Pakistan (INP)