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On Saturday, the current rate for US Dollar stands at Rs278.80, as the interbank exchange rate saw a notable Rs1.19 rise during the past week.
Conversely, over the past five weeks, the dollar had been consistently losing value in comparison to the Pakistani rupee.
According to the State Bank of Pakistan, on Friday, the dollar closed at 278.80 rupees in the interbank market, up from 276.83 rupees on Monday.
During the past week, the dollar saw an overall increase of Rs1.19.
For 28 consecutive business days, the dollar’s value had been decreasing against the rupee in Pakistan, dropping below 277 rupees at one point.
However, on Tuesday, the dollar’s value went up again, increasing by 20 paisas, by Wednesday the rate increased by Rs3.26.
Currency market analysts had expected the dollar to rebound after its significant drop.
However, Wednesday’s interbank income payments caused pressure on the dollar.
Additionally, the dollar’s value was affected by the Israel-Hamas conflict in Gaza, which also had an impact on the Pakistani currency.
At the end of the business week, the dollar closed at Rs278.80 in the interbank market. In the open market, the dollar remained stable at 280 rupees.
Former Chairman of the Federal Board of Revenue (FBR) predicts that the dollar’s value will reach 250 rupees soon.
Shabbar Zaidi mentioned on Twitter that the economy is gradually improving, and he expects the US dollar’s value to be around 250 by the end of the next year.
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