US dollar touches record high against rupee

KARACHI: The US dollar’s upward trajectory continued unabated on Thursday as the greenback traded at Rs239.94 against rupee as government fails to pacify the importers over dollar inflow in the country, ARY NEWS reported.

The dollar continued to gain value amid political uncertainty and fate of federal government and IMF deal after the election of CM Punjab Parvez Elahi and rose by Rs3.92 in the interbank today to trade at Rs239.94.

At one point during the day, the dollar also crossed the Rs240 mark.

Interbank closing #ExchangeRate for todayhttps://t.co/3HKHwEmKLf pic.twitter.com/OZl2VqDeLR

— SBP (@StateBank_Pak) July 28, 2022

The forex dealers said that the banks are selling the greenback at Rs242 while in open market, it being sold between Rs242 and Rs244.

On Wednesday, the US dollar increased by Rs3.09 against rupee in the interbank and traded at Rs236.02. In open market, the greenback traded between Rs238 and Rs239.

The forex dealers said that the banks are selling the greenback at Rs237.

Interbank closing #ExchangeRate for todayhttps://t.co/yreXph4Iph pic.twitter.com/yfLNF31hjS

— SBP (@StateBank_Pak) July 27, 2022

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.

In an apparent attempt to downplay the depreciation, the SBP said a “better measure” of the rupee’s strength is the real effective exchange rate, which takes into account the currencies in which Pakistan trades in inflation-adjusted terms.