Dollar depreciated by 54 paisa

Karachi: During the weekly trade, the value of the dollar in the interbank market decreased by 54 paise to close at Rs 221.92, while the value of the dollar increased by Rs 7.50 to Rs 227.75 in the open market.

Dollar, Pound, Euro, Rial continued to depreciate throughout the week in Interbank, while in the open market, on the contrary, there was a trend of increase in the value of Dollar, Pound, Euro, Rial.

During the weekly trade, the dollar fell below Rs 222 in the interbank market, while the open market dollar rate crossed Rs 227.50.
The interbank rate of the British pound decreased by Rs 7.36 to Rs 248.79, while the value of the British pound increased by Rs 7.50 to Rs 269 in the open market.

In the interbank, the value of the euro decreased by 4.37 rupees to 216.82 rupees, while in the open market, the value of the euro increased by 1.75 rupees to 233 rupees.

The value of Saudi Riyal in interbank decreased by 15 paisa to 59.05 rupees while in open market the value of Saudi Riyal increased by 3 rupees to 63.40 rupees.

Receipts of $1.5 billion from the Asian Development Bank strengthened the rupee in the interbank market and increased foreign exchange reserves kept the rupee stable. Due to dollar smuggling, the supply of dollars in the open market remained low.

Chairman of Exchange Companies Association Malik Bustan says that 2 billion dollars are being smuggled into Afghanistan every month.

He said that the Afghan government has instructed Afghan businessmen to convert Pakistani rupees into dollars, due to which the rupee has weakened, while market sentiments have been affected by political and economic conditions.