ISLAMABAD: In the afternoon on Tuesday, the Pakistani rupee lost another 1.36 against the dollar in the interbank market while strengthening in the open market.
According to the Exchange Companies Association of Pakistan (ECAP), at around 12:15 p.m., the dollar was trading for Rs307 in the interbank market. State Bank of Pakistan data shows it had a previous day’s closing price of Rs305.64.
However, it was trading at Rs324, down from Rs328 yesterday, in the open market. According to Khurram Shehzad, CEO of financial consulting company Alpha Beta Core, “the army chief’s meeting and resolve to take on smugglers has led to the dip [in the dollar’s rate in the open market].
The dollar exchange rate in the open market fluctuated yesterday, rising to Rs338 before returning to the previous closing of Rs328.
The market paid close attention to the news of potential foreign investments worth billions of dollars in Pakistan. Currency dealers remarked that this assertion could help maintain market stability in the coming few days.
