Open Market: US Dollar Weakens Versus The Rupee

(CTN News) – On Friday, the Pakistani rupee experienced a slight increase in value against the US dollar in the open market. Meanwhile, in the interbank market, the local currency continued its upward trend.

Currency dealers contacted by Business Dollar Recorder reported that the rupee was being quoted at 285 for selling and 282 for buying, which remained unchanged from the previous day’s closing rates.

However, at the end of the trading session, the currency closed at 284.75 for selling and 281.75 for buying, as per data provided by the Exchange Companies Association of Pakistan (ECAP).

The rupee’s upward trend against the US dollar in the inter-bank market continued on Friday, with a slight appreciation of 0.09%.

The State Bank of Pakistan reported that the local Dollar currency settled at 283.87 after a marginal increase of Re0.25. This positive development comes at a crucial time for Pakistan, as it is currently facing a severe balance of payment crisis.

The country’s foreign exchange reserves held by the State Bank of Pakistan have been depleting, reaching $7.02 billion as of December 1, a decrease of $237 million every week. In addition to this, Pakistan is also dealing with high inflation and an unprecedented devaluation of its currency.

However, there is hope on the horizon as the International Monetary Fund’s executive board is set to convene on January 11 to discuss the final approval for disbursing the next $700 million tranche from its current loan program with Pakistan.

This financial assistance will Dollar provide much-needed relief and support to Pakistan’s struggling economy.

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