KARACHI: The dollar crossed the Rs 157 mark in the open market and the Rs 155 mark in the interbank market on Friday evening.
It was up by Rs 5 in the open market and trading at Rs 155 in the opening hours of the market and Rs157.50 by day end. Since June 1, the dollar has risen in the open market by Rs 8.50.
In the interbank market, it rose by Rs 2.25 and was trading at Rs 155.15. It has risen by Rs 7.23 in June. This is the highest the dollar has ever been against the rupee.
The interbank rate is the benchmark rate to determine the value of dollar and sets the direction for open market rates. Since open market or cash market rate usually remains higher than the interbank rate, the open market is likely to follow a similar trend.
The dollar has been closely monitored by both traders and end users for it remained volatile through much of the present government’s tenure, starting from August 2018. The change of regime resulted in a change of policy whereby the central bank left the dollars to the forces of demand and supply as opposed to managing its rate artificially, which was the practice in the past. The dollar was trading at Rs124 when the PTI government was sworn in, but rose by 20% to its current value since then.
On Thursday, the Pakistani rupee continued to weaken against the US dollar, shedding Rs1.33 in the interbank market.
Following the rise in the interbank, the US dollar also strengthened in the open market with an Rs1.50 increase to be traded at Rs153.50.