US dollar edges up against Pakistani rupee
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Despite the settlement of political dust in Pakistan, the US dollar did not waver and held its ground against the Pakistani rupee during interbank market on Monday, reported 24NewsHD TV channel.
According to forex dealers, the greenback edged up by only one paisa against the rupee. The US dollar again touched the Rs224 mark against the local currency with an appreciation of six paisas but later settled at Rs223.95 at the end of the day.
Interbank closing #ExchangeRate for todayhttps://t.co/wCUq2nA9tC pic.twitter.com/2YfBjovC00
— SBP (@StateBank_Pak) November 28, 2022
On the last trading day which was Friday, the American currency ended the business at Rs223.94.
Interbank closing #ExchangeRate for todayhttps://t.co/jiEGHwzyW5 pic.twitter.com/YIu1TNztjx
— SBP (@StateBank_Pak) November 25, 2022
The local currency has been trading in a range between Rs218 and Rs224 against the US dollar since many weeks. However, the volatility earlier seen in the interbank rates has shifted to the open and black markets, where spreads have reached Rs8-10 on every dollar.
Moreover, foreign exchange reserves held by the State Bank decreased $134 million on a weekly basis, clocking in $7.83 billion as of November 18, 2022, according to data released on Thursday last.
Reporter Ashraf Khan