Karachi. August 24, 2022. The US dollar made another major stride by gaining Rs 0.75 against the local currency in interbank trade on Wednesday. The dollar traded at Rs 218.50 in interbank trading. It had closed at Rs 217.75 on Tuesday
But real jump to US dollar came in the open market wherein the rupee lost 4 rupee against the US dollar. In open market dollar traded at Rs 225 with an increase of 4 rupee on the closing of the currency market.
The currency dealers claim rise in buying of US dollar was major cause of its big appreciation in the open market.
The US currency was trading at Rs 221 on Tuesday in the open market.
Sudden surge in US dollar value has shaken the currency market and give a major blow to the investors who were expecting appreciation of the rupee.
The government policy of banning luxury items and then open them with a gap of four months seems major cause of depreciation of the local currency.
With approval of release of held- up consignments from ports have given major jump to US dollar demand taking its value to a new highs in the last five working sessions .
