US dollar continues upward trend, rises by Rs7.03 in interbank

Uncapped value of dollar has increased by Rs40 since last week
<p>Photo: SAMAA</p>

Photo: SAMAA

After last week’s massive jump, the uncapped price of a US dollar continued to rise in the interbank market on Monday morning, rising by another Rs7.03.

According to data released by the State Bank of Pakistan (SBP) on Monday afternoon, the market closed with the rate at Rs269.63.

This was up by Rs7.03 from the value the interbank had closed on Friday, when its value was Rss262.60.

Last week, the US dollar saw a massive jump of over Rs30 as it increased from Rs230.89 to Rs255.43 and then to close the week at Rs262.60 in the interbank market.

On Monday morning, the rupee lost another Rs8.20 as its value fell to Rs270.80.

Last week, the rupee lost a cumulative Rs32.45. The bulk of that value was lost on Thursday and Friday, after the government left the value of the dollar uncapped, leaving it to market forces to determine the value of the rupee, losing Rs31.71 in a couple of days.

Open market

In the open market, rates released by the Forex Association of Pakistan showed that the value of a US dollar had increased by Rs4.

On Saturday, the open market had closed with a rate of Rs271.

On Monday, the low value in the open market was Rs268 while the higher value for the purchase of US dollars was Rs275.

US Dollar $/Rs Low price High Price price
Friday’s open market rate 264 268
Saturday’s open market rate 268 271
Monday’s open market rate 271 275

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