Dollar is being traded at Rs151.50 in the interbank market.
Lahore (Pakistan Point News – 22nd May, 2019) After days of devaluation, an upward trend was seen in the rupee appreciation against the US dollar.
According to media reports, the Pakistani rupee has gained 42 paisa against the US dollar. Dollar is being traded at Rs151.50 in the interbank market.
Meanwhile, the pakistan stock exchange (psx) also shows a positive trend as the KSE 100-index has gained 900 points.
Pakistani rupee plunged to a new all time-low in the interbank and open market on Tuesday as it continued to lose value against US dollar.
The greenback saw an increase of another Rs3 in the open market, touching an all-time high of Rs154. In the interbank market, the rate increased to Rs152 after a raise of Rs2.35.
In the last four business days, the dollar has risen by Rs9.60 against the Pakistani rupee.
The rupee has been falling against the dollar following an agreement with the International Monetary Fund on a $6 billon loan with expected strict conditions including a "market determined" exchange rate.
Due to decreasing economic reserves, Pakistan is facing severe economic crisis.
The sharp downfall in the rupee value has not only disturbed almost all sectors of the economy but has also brought a new wave of price spiral that would not die down despite the government's tall claims.
