The US Dollar continued its upward trend against the Pakistani Rupee in the interbank trading, as the American currency gained a record 34 paisas against the local unity.
The price of a US dollar vs the Pakistani Rupee reached Rs287.97 at the closing time of interbank trading, while it is being sold at Rs298 in the open market.
On Monday, the US dollar increased by 34 paisas at the conclusion of trading for the day.
However, in the open market, the local currency bounced back with a grand Rs7, and ended trading at Rs298 from Rs305.
Reportedly, banks have pumped up the supply of the greenback on the instructions of the State Bank of Pakistan.
It is pertinent to note that the local unit devaluation continued amid the faded hopes of the Staff Level Agreement (SLA) between the International Monetary Fund (IMF) and the government for the ninth review of multibillion dollars loan scheme.
Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar recently told the nation that government of Pakistan has completed all the demands of the international lender and the ‘delay’ has now been on the IMF side.