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Today’s interbank trade between the rupee and dollar results in a loss of over Rs18.8 - LRE-Azan - 03-02-2023 07:29 PM
Today’s interbank trade between the rupee and dollar results in a loss of over Rs18.89
KARACHI: (UrduPoint/UrduPoint / Pakistan Point News-March 2nd, 2023) The rupee declined by more than Rs18.89 in intraday interbank trade today. The rupee dropped significantly on Wednesday, closing at Rs266.11, but at around 11:36 am, it was trading at 285 against the dollar.
According to the most recent reports, the open market rate for the rupee relative to the dollar was Rs 292. The delay in the agreement with the IMF, according to Zafar Parahca, general secretary of ECAP, was the primary factor in the market.
They claimed that the Fund’s requirement that the Currency rate be tied to the rate of the black market, also known as the Peshawar market, had had a negative effect. The rate, in Paracha’s opinion, had increased too much and shouldn’t have. He claims that the dollar was trading at Rs 290 in the black market yesterday.