The value of the US dollar has surged against the Pakistani rupee in the interbank exchange, causing concerns for the local economy. At the beginning of the business week, the US dollar recorded a notable gain of one rupee against the rupee, solidifying its upward trajectory. The dollar rose by Rs3.60 in the interbank market on Tuesday morning, reaching a new high of Rs292.10. The greenback also rose by Rs6 in the open market, reaching Rs302. The increase in the dollar came amid concerns about the country’s economic outlook. Currency experts and dealers reported that on the opening day of the business week, the US dollar continued its ascent, becoming more expensive by an additional rupee in the interbank market.

 This development comes on the heels of a previous increase, where on the final day of the prior week, the US dollar had strengthened by 89 paise against the rupee in the interbank exchange. The rupee has been under pressure in recent weeks due to a number of factors, including rising inflation, political instability, and a widening current account deficit. Exporters, on the other hand, might find some relief as their products become more competitively priced in the international market. Additionally, this development could influence consumer prices domestically, potentially leading to inflationary pressures.

 Credit: Independent News Pakistan (INP)