Dollar rates today: Rupee gets a beating

ISLAMABAD: In forex rates in Pakistan today, the interbank dollar rate for the US Dollar stands at Rs286 on Tuesday morning, marking a steady increase of a significant 71 paisas at the start of the new trading session. Shortly afterward, the Pakistani currency experienced a significant depreciation, losing a substantial Rs1.21 against the US Dollar, which then traded at Rs286.50 in the interbank market.

In the open market forex rates, the Dollar escalated further to Rs288 after rising by Re1 for another consecutive day. The price of the US Dollar against the Pakistani Rupee seems to have gone out of control once again, with its demand surging over the past couple of weeks. Over the last 17 days, the price of the American currency has witnessed an immense increase of Rs9.75 in the interbank market, as reported by the State Bank of Pakistan (SBP), and even a steeper climb of more than Rs11 in the open market.

Stock market achieves another milestone

According to currency experts, the Rupee is under pressure once more due to looming payment pressures which are causing the currency to depreciate gradually. Meanwhile, the SBP exchange rate dynamics are closely monitored by market participants.

Globally, the US dollar was steady on Tuesday, holding onto overnight gains as investors paused their risk appetite, while the Australian dollar edged lower ahead of an anticipated interest rate decision by the Reserve Bank of Australia later in the day, which could end its four-month hiatus on policy decisions with an expected rate hike of 25 basis points.