US Dollar jumps by Rs4 in interbank

Karachi: The value of the dollar has surged by Rs4 in the interbank market and an additional Rs5 in the open market.

In the open market, the dollar reached Rs305, as confirmed by currency dealers.

This rise comes after the dollar had already climbed against the rupee, with the currency now standing at a record high.

Within just 2 days, the dollar's value escalated by Rs9 in the open market and Rs7 in the interbank market, reaching Rs295.50 in the interbank and Rs305 in the open market.

Following the IMF agreement, the dollar temporarily dropped to Rs275 in the interbank market.

However, after the agreement, the dollar appreciated by Rs20 in the interbank market and Rs25 in the open market.

The IMF's conditions for stabilizing the dollar's market-based trading and opening revenues are key factors behind the dollar's surge.

Yesterday, the rupee-to-dollar exchange rate in the interbank market rose from Rs288.49 to Rs291.51.

According to the State Bank of Pakistan (SBP) sources, aside from the US dollar, the exchange rates for the Saudi Riyal were Rs77, Malaysian Ringgit at Rs62, and Euro at Rs318.

The Pakistan Stock Exchange (PSX) concluded business on a positive note yesterday.

The trading week started with limited bullish movement and concluded with positive momentum.

The hundred index gained 141 points, closing at 48,565 points.

Today, transactions worth Rs9 billion were executed, involving the trade of 2.5 crore shares.