USD rate in Pakistan up by Re1 to Rs282.50 in open market on Monday

KARACHI: The exchange rate of the US dollar rose once again in open market on Monday (Oct 30). The dollar’s value increased by Re1 reaching a rate of Rs282.50.

Throughout the day, currency dealers reported that the rupee was being traded at Rs282.50 for selling and Rs279.50 for buying purposes for customers.

In contrast, in the inter-bank market, the US dollar became more expensive by 38 paise, closing at Rs280.95.

It’s worth noting that there is a requirement for the gap between the rates in the inter-bank and open markets to be less than 1.25%, as established by one of the structural benchmarks set by the International Monetary Fund (IMF).