Unprecedented: Free float US dollar sees highest-ever single-day surge of Rs24.54
Implementing the government’s decision to let the greenback trade at uncapped values dictated by market forces, the price of a single US dollar saw the highest-ever single-day increase of Rs24.54 on Thursday as the price of a dollar surged past the Rs250 psychological barrier for the first time ever.
According to rates released by the State Bank of Pakistan (SBP) on Thursday afternoon, the dollar saw its price increase by 9.61%, jumping from Rs230.89 on Wednesday to Rs255.43 on Thursday evening.
It means that since the Pakistan Democratic Movement (PDM) government took over in April last year, the rupee has lost around Rs72.61, rising from a value of Rs182.82.
Similarly, in the open market, the price of a US dollar increased by Rs19 to a whopping Rs262.
Forex Association of Pakistan on Thursday afternoon stated that the rates for a single dollar rose by Rs19.6 from a high of Rs243 on Wednesday to Rs262.60 on Thursday.
The low rates increased from Rs240.60 on Wednesday to Rs260 on Thursday.
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The increase in rates of the US dollar came after the government agreed to a condition set by the International Monetary Fund (IMF) to let the exchange rate be dictated by the market rather than artificially arresting it.