US dollar edges past rupee in interbank, once again

The US dollar gained Rs1.25 against the rupee at the closing time of interbank trading to settle at Rs279.12 amid uncertainty over IMF-Pakistan staff level agreement.

There has been an increase in demand and value of the dollar for imports of edible oil and oil.

The American currency thrashed the local currency in the open market also, where the dollar gained Rs2 against.

A forex trader said the closing value of the US dollar against the rupee in the open market was Rs280.

Last week, the local currency gained value against the mighty dollar due to approval of the rollover of $1.3 billion loan by the Industrial and Commercial Bank of China Ltd.

The $1.3 billion will be disbursed in three installments, as the Pakistan central bank received the first installment of $500 million.

Financial experts say uncertainty over the International Monetary Fund (IMF) staff level agreement with Pakistan has put the local currency on the back foot.