KARACHI: US dollar rate in Pakistan dropped by Re.50 to Rs286 from Rs286.50 in open market on Tuesday.

Exchange Companies Association said that US dollar hit the level of Rs 286 in open market today.

The dollar closed at 286 rupees 50 paise in the open market yesterday.

Whereas the Pakistani rupee maintained its upward trajectory against the US dollar, gaining 0.36% in the inter-bank market on Tuesday.

This is the rupee’s 19th successive increase against the greenback.

As per the State Bank of Pakistan (SBP), the rupee settled at 285.72 after an increase of Rs1.04 in the inter-bank market.

Globally, the US dollar held on to fresh highs on Tuesday, pushing the yen down closer to an intervention zone, after strong US economic data bolstered the view that the Federal Reserve will keep interest rates higher for longer.