Recent updates show that the US dollar is becoming less valuable when compared to the Pakistani rupee. This article explains how the value of the US dollar has been changing in Pakistan’s interbank and open currency markets, making it easier to understand for everyone.
US Dollar’s Drop in Interbank Market
The US dollar has been losing its value against the Pakistani rupee, and this trend continued on Tuesday. It’s the second working day of the week, and the dollar got 8 paise cheaper in the interbank market. This means that 1 US dollar was equal to 289 rupees and 78 paise.
As the day went on, the value of the dollar kept falling, and by noon, it had dropped by 1 rupee and 22 paise, making it 289 rupees and 64 paisa in the interbank market. This shows that people in the interbank market were not buying as many US dollars as before.
Similar Trends in the Open Currency Market
The open currency market also saw the US dollar losing its value. Here, the dollar became 1 rupee cheaper, and it was being traded at 292 rupees.
Positive News in Pakistan Stock Exchange (PSX)
In contrast to the currency markets, there’s good news in the Pakistan Stock Exchange (PSX). On Tuesday, the PSX started the day with a gain of 64 points, and the KSE 100 index reached 46,457 points. This means that people were more interested in investing in stocks, and the stock market was doing well.
The US dollar becoming less valuable when compared to the Pakistani rupee in both the interbank and open currency markets is due to various factors. These include changes in the demand for foreign currency, economic conditions, and how people feel about the market. Meanwhile, the Pakistan Stock Exchange has doing well, which has influenced by different factors affecting the country’s financial situation.