KARACHI. August 22, 2022. Updated at 4.40 PM
US dollar on Monday made another gain of RS 0.70 to take it one day gain in interbank trade to Rs 1.75 at the closing of day business. The US currency gain of Rs 1.75 on Monday is a big blow to the local unit. At the end of interbank trade US currency traded t Rs 21.50 .
Earlier . Update at at mid day interbank trade
On the first working day of the week, the US dollar made handsome gain against the local currency. At the end of the first half day of the trading session on Monday, US currency rose up to Rs215.80 in interbank trading against its value of Rs 214.75 of the closing time of the currency market on Friday last.
According to the Forex Association of Pakistan, US currency gained Rs 1.05 in the interbank trading in the first session on Monday.
The currency dealers were expecting decline in value of dollar as the government was inching closer to clinch a deal with the International Monetary Fund (IMF), but these speculations proved otherwise and US currency showed strength on the first working day of the current week.
The rupee has made considerable gain against US currency during the first fortnight of the current month. In July, US currency had jumped up to Rs 239 plus in interbank trade, causing panic in the currency market and putting a question mark on the value of the local currency. However , from the very beginning of the current moth – August—the rupee bounced back to regain some reasonable place vis a vis US currency .
The currency market mood shows this ping pong will continue between the local unit and US currency in coming days.
