Dollar climbs to new all time-high in interbank, open markets

The US dollar rose by another 2.73% in the interbank on Friday as the dollar closed a historic week where it rose by Rs32.45 in the interbank market.

According to data released by the State Bank of Pakistan (SBP) on Friday, the rupee lost another 2.73% in value, as it closed the day at Rs262.60.

This was down by about Rs7.17 from Rs255.43, the level at which the rupee had closed on Thursday.

So far this week, the rupee has lost Rs32.45 in the interbank market while in the past two days alone, it has lost around Rs31.71.

As a result of the devaluation, Pakistan’s external debt in rupee terms grew by Rs4 trillion, or nearly half of its fiscal budget for 2022-23 of Rs9.5 trillion.

Open market

After removing the cap on the exchange rate of the rupee to the United States dollar, the rupee lost another Rs5.40 in the open market.

According to rates issued by the Forex Association of Pakistan on Friday morning, the interbank rates of the US dollar were recorded for a low of Rs259 and a high of Rs268.

In the open market, the price of a single US dollar jumped by Rs5.40 from Rs262.60 to Rs268.