US dollar declines to Rs237 in interbank market

KARACHI: The US dollar after days of hike in interbank and open market saw a decline against rupee on Tuesday amid government and SBP’s assurance that the country will have enough funds for FY2022-23 after receiving IMF tranches.

According to forex dealers, the US dollar shed Rs0.94 in the interbank and is currently being traded at Rs237.90. The banks are selling the greenback at Rs238.50.

In open market, after touching the Rs250 mark, the US dollar declined to Rs239.

Read more: PAKISTAN’S FOREIGN RESERVES FALL BY $826.9 MILLION: SBP

The rupee’s freefall continued on early Friday against the US dollar in the interbank, however, it reversed the losses in the second half amid reports that COAS Qamar Bajwa has approached US for playing a role in immediate release of a US$1.2 billion tranche.

Previously, the State Bank of Pakistan (SBP) attributed the 11-rupee change in the exchange rate in just two days to the “market-determined exchange rate system” under which the current account position, news stories, and domestic uncertainty contribute to the daily currency fluctuations.