KARACHI : August 17, 2022.Updated at 4.30 PM
In the second session, USD strengthen its gain and closed at 215.25 in interbank trading . Its total gain on Wednesday 1.35 against the local currency. In open market . USD closed at 214 at end of the trading day.
Earlier updated at 12.45 PM
US Dollar have proved all estimates and guesses untrue as it regained driving seat in currency market by thrashing the local unit by Rs 2.50 in first trading session in the currency market on Wednesday.
The currency market experts were predicting quick slide of US dollar against the rupee. They were assuming that US dollar will stable against the rupee somewhere around 180 in next couple of weeks. But US dollar proved its shine and started to appreciate against the rupee on Tuesday. It had gain slight value of Rs 0.90 against the rupee on Tuesday as it closed at 213.90 (buying) and Rs 214 (selling).
The experts were seeing recovery of the rupee on Wednesday but their assessment proved otherwise. US dollar made handsome gain of Rs 0.60 against the rupee in interbank trading.
In the open market , dollar also gained Rs 2.50 and at mid day break it traded at 212.50 against its Tuesday’s value of Rs 210 .
Quick and unexpected recovery of US currency may be a surprise for many who were predicting major downfall in its value with Pakistan’s inching closer to International Monetary Fund (IMF) for agreement to secure $ 1.17 billion deal.
Interestingly, exactly on the day when Pakistan government signed a Letter of Intent (LoI) with IMF, US dollar value jumped up by Rs 2.5o in the local currency market .
