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Dollar trades at Rs250 in open market, rupee gains slightly in interbank

KARACHI: The rupee on Friday fell to an all-time low against US dollar in the open market, trading as high as Rs250 against the dollar, according to the Forex Association of Pakistan (FAP) data. While in the interbank, rupee close at Rs239.37 with a small gain, the State Bank of Pakistan said.

The local currency made small gains in the interbank after nearly two weeks of consistent decline in consecutive sessions.

According to the State Bank of Pakistan (SBP), the rupee closed at 239.37 in the interbank, up Rs0.57, or 0.24 per cent, compared to yesterday.

FAP data showed the rupee was trading at 250 against the greenback at 1:10pm but then recovered slightly to reach 247 by 4:20pm.

However, the FAP handout showed the rupee closed at 240 in the interbank market.

Earlier this week, Finance Minister Miftah Ismail had said the pressure on the rupee would “vanish” in a couple of weeks.

The rupee had appreciated to Rs204.56 in the first week of July after touching 211.93 on June 22. It then kept losing its value against the dollar but registered a minor appreciation when the country reached its staff-level agreement with the International Monetary Fund (IMF) on July 15.

It had continued to fall in every session since then.

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