Interbank Trade Sees Dollar’s Massive Rs11 Depreciation

• Greenback trades at Rs275 at opening of the interbank market.
• Shortly afterward, its value recovered to a decline of Rs11.
• On Monday, the trading session commenced with the US currency losing value against the rupee by Rs5.

In a significant development within the local interbank trade, the US dollar faced a substantial setback against the domestic currency as soon as the market opened on Tuesday.

At the start of interbank trading, the greenback experienced a staggering depreciation of Rs15. However, shortly afterward, its value recovered to a decline of Rs11.

Consequently, the initial exchange rate for the dollar in interbank trade stood at Rs275.

The previous day, following Pakistan’s short-term agreement with the IMF for the next nine months, the dollar had depreciated by Rs5 in the open market.

On Monday, the trading session commenced with the US currency losing value against the rupee by Rs5. The selling price of the dollar reached Rs285, with a buying price of Rs280.

Malik Bostan, the president of the Forex Association of Pakistan, stated that the interbank market remained closed, and hence, its rate was not released in the present day.