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US dollar rises to Rs203 due to oil payments, IMF deal uncertainty

US dollar rises to Rs203 due to oil payments, IMF deal uncertainty!

Tuesday saw the greenback hitting an all-time high in the open market as it surpassed RS 205 threshold.

Meanwhile, the local currency continued its downward slide against the US dollar, dropping to an all-time low of Rs202.75 in the interbank market during intraday trade on the rising demand for the greenback due to import payments.

According to the Forex Association of Pakistan, the US Dollar gained Rs2.85 against the previous day’s close of Rs200.40 to rise to Rs203.45 around 12:30 am.

In the open market, the greenback was trading at Rs204 around 12:15 pm.

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The local currency extended its decline as the demand for the rupee is higher compared to its supply due to import demand which has increased because of oil payments.

The rupee had closed at Rs200.06 on Monday, according to the State Bank of Pakistan (SBP).

 

 

Saman Siddiqui

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