KARACHI: Jan 28,2023: In the open market today , US dollar value increased by another Rs 3 to take its buying rate to Rs 271 in local currency market.
With this increase , US dollar increase in the last three days totalled at Rs 32 plus.
The currency dealers had announced to uncap US dollar value on January 25 when its value in interbank and open market was Rs 231 and 239 respectively .
As soon as US dollar was uncapped , the local currency witnessed an alarming free fall in the local market , US dollar value has jumped by over Rs 24 on the first day of free market system in the currency market. Since July 25, US dollar is making big gain in value on daily basis and there seems no end to the free fall of the rupee.
In the last three working sessions , US dollar has appreciated by over Rs 32 . The experts in currency trade do not see any end to the rupee devaluation in the near future.
Other currencies like Euro z pound sterling , Australian dollar and Canadian dollar are on the gaining spree in the local market . Their gain in local currency market is indicative of weakening value of the rupee.
The rupee
