KARACHI: In a significant development in local interbank trade, the US dollar suffered a huge blow against the local currency after the market opened on Tuesday.
At the start of the trading, the greenback value fell by a shocking Rs15. However, after a while, it came up to Rs11. Thus, it started being traded at Rs275.
After Pakistan signed a short-term agreement with the International Monetary Fund (IMF) for nine months, the dollar shed its rate by Rs5 in the open market yesterday.
On Monday, the trading session began with the US currency losing its value against the rupee by Rs5. The selling price of the US dollar fell to Rs285, and the buying price stood at Rs280.
Due to the closure of the interbank market, its rate has not been released today, said Malik Bostan, the president of the Pakistan Forex Association of Pakistan.
