US Dollar soars to unprecedented high of Rs. 330 in open market

KARACHI: The relentless surge in the value of the US dollar against the Pakistani rupee reached an unprecedented peak on Monday, with the dollar trading at an astounding rate of Rs. 330 in the open market.

On the first day of the business week, the interbank market also witnessed a significant increase in the dollar’s value, rising by 53 paisas, while in the open market, it surged by 2 rupees.

This staggering climb to Rs. 330 in the open market sets a new record that has left traders and the general public grappling with its implications.

PSX rebounds as investor sentiments recover

The previous week had seen a brief dip in the dollar’s value in the interbank market, as it had depreciated by 7 paisas, closing at Rs. 305.47, according to the State Bank of Pakistan (SBP). However, this respite was short-lived as the dollar rebounded, reaching an all-time high of Rs. 305.54 in the interbank market, surpassing the previous week’s peak of Rs. 301.

The open market also experienced a surge, closing at Rs. 328, marking an increase of 5 rupees.

Economists attribute this sharp rise in the dollar’s value to several factors. Firstly, the conclusion of the International Monetary Fund (IMF) standby program has exerted increased pressure on the dollar, impacting both imports and exports. Additionally, external payments made in July further contributed to the dollar’s appreciation.