Dollar jumps to new high in inter-bank trade, loses ground in open market

KARACHI – The Pakistani rupee fell 0.48% against the US dollar in interbank market, making a new record low, while the situation was other way around in the open market on Tuesday. 

Data shared by the State Bank of Pakistan (SBP) showed the local currency declined by Rs1.46 to hit fresh all-time low of Rs307.10 against the greenback in interbank. 

Interbank closing #ExchangeRate for todayhttps://t.co/FINffr34QO#SBPExchangeRate pic.twitter.com/lqTVJy7m1k

— SBP (@StateBank_Pak) September 5, 2023

It closed at Rs305.64 a day earlier on the first trading session of the running business week. 

However, the rupee witnessed upward trend in the open market after Chief of Army Staff (COAS) General Asim Munir promised transparency in exchange rate. 

The Pakistan currency unexpectedly strengthened by Rs3 against the dollar to close at Rs325 in the open market. 

The development comes as Chief of Army Staff (COAS) Gen Asim Munir in an interaction with business community promised transparency in the exchange rate and bringing currency exchanges into tax net. He assured that money exchanges would be brought under the purview of taxation, fostering transparency in dollar exchange and interbank rates.