US dollar hits 315 against rupee in the open market

The US dollar hits 315 against the rupee in the open market on Wednesday.

According to the data released by the Exchange Companies Association of Pakistan (ECAP), during trading on Wednesday, quoted the rates at 306.50 and 303.50 for selling and buying, respectively.

However, market sources claimed that the dollar was trading higher than the official rate.

The gap between rates in the inter-bank and open markets is required to be less than 1.25% under one of the structural benchmarks set by the International Monetary Fund (IMF).

Currency dealers regard the current rise in rates due to depreciation in the inter-bank market, where the US dollar has crossed the psychological 300 level.

The local currency logged its previous record low of 298.93 on May 11, two days after former prime minister Imran Khan was arrested on graft allegations, leading to countrywide violent protests.

PKR managed to strengthen to as high as Rs275.44 on July 4 after the previous government managed to sign a short-term, $3 billion loan agreement with the Internatio­nal Monetary Fund.

How­ever, yet again it has been on the decline since then, reaching close to the Rs300 barrier on Tuesday.