Rupee weakens against US dollar in interbank market

Web DeskAugust 18, 20234712 min
Rupee weakens against US dollar in interbank market

On Friday, the Pakistani rupee experienced a minor devaluation against the US dollar in trading activities. The US dollar gained 58 paisas in the interbank market, appreciating against the rupee and reaching a value of 295.50 rupees.

The currency’s performance in the open market has raised concerns, as it recently surpassed the 300 rupees per dollar threshold. Conversely, the Pakistan Stock Exchange (PSX) observed a notable increase at its opening during Friday’s trading session, setting a bullish tone for the day.

Read more : Rupee falls consecutively 8 times in a row against dollar

Despite currency fluctuations, the PSX maintains a pro-business momentum, evident in a substantial 226-point surge in the 100 index. This index, a key gauge of economic health, reached a significant milestone at 48,552 points.

Although the PKR witnessed a slight 0.15% decline against the US dollar the previous day, the trading session concluded with the currency settling at PKR 294.92 per USD, slightly lower than the previous session’s closure at PKR 294.93 per USD.

Nevertheless, the ongoing trend signifies that the US dollar’s ascent continues to exert pressure on the local currency. Throughout the trading day, the currency’s intraday high was 295.25, while the low was 295.1.

In the open market, Exchange Companies quoted the dollar’s buying rate at 301 PKR and the selling rate at 304 PKR.

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