The US dollar continuing its winning streak in interbank trading gained 22 paisas against the Pakistani rupee and reached Rs280.80 on Monday morning.
Later, the currency saw a further jump of 43 paisas and touched the value of Rs281 in the interbank market.
Moreover, in the open market, the Dollar gained Re1 and settled at Rs283 on Monday morning.
At the end of the trading session, the US Dollar closed at Rs280.95 after a 38-paisa hike.
And in the open market, the currency closed at Rs282.50 after a Re1 increase.
Interbank closing #ExchangeRate for todayhttps://t.co/AAZq6KeObu#SBPExchangeRate pic.twitter.com/DhtKh56Aa6
— SBP (@StateBank_Pak) October 30, 2023
On Saturday, the price for the US Dollar stood at Rs280.57, as the interbank exchange rate saw a notable Rs1.77 rise during the past week.
After a continuous decline in the value of the US dollar against the Pakistani currency for five weeks, there has been an increasing trend over the past two weeks.
Also Read: Weekly recap: US Dollar sees fluctuations against Pakistani Rupee amidst global factors
According to the State Bank of Pakistan, on Friday, the dollar closed at Rs280.57 in the interbank market.
The value of the US dollar had been on a downward trend against the Pakistani rupee for 28 consecutive business days, dipping below Rs277 at one point. However, the decline stopped during the last week.
Currency market analysts suggest that the dollar's value had significantly dropped, and a recovery was expected.
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