The rate for the US Dollar stands at Rs284.70 on Monday morning, as the interbank exchange rate saw a steady increase of 39 paisas at the start of the new business week. Over the past couple of weeks, the American currency has been witnessing a steady rise against the Pakistani Rupee after falling to a historic low due to a crackdown on hoarders and exchange mafia. However, now after the demand for the Dollar has increased, its value is on a sharp rise. On Saturday, the rate for the US Dollar stood at Rs284.31, as the interbank exchange rate saw a nearly Rs4 rise during the past week.

In the second week of October, the dollar's interbank rate had dropped to Rs276.83, a significant decline from the highest level of Rs307.10 seen at the beginning of September. According to State Bank reports, at the end of the previous week, the interbank exchange rate for the dollar was Rs280.57. During the past week, the dollar saw an overall increase of nearly Rs4.

 Economists and financial experts are not certain if this increase is due to any specific conditions imposed by the International Monetary Fund (IMF). However, they mention that in the past, the rupee's value has been adjusted in response to IMF recommendations.

Credit: Independent News Pakistan (INP)