INTERBANK MARKET US DOLLAR DECLINES TO RS237

KARACHI: Following days of increases in the interbank and open markets, the US dollar fell against the rupee on Tuesday as a result of assurances from the government and SBP that the nation will have enough money for FY2022-23 after receiving IMF tranches.

Forex dealers report that the US dollar lost Rs0.94 in interbank trading and is now trading at Rs237.90. The banks are offering to sell dollars for Rs238.50.

The US dollar dropped to Rs239 in the open market after crossing the Rs250 threshold.

Despite claims that COAS Qamar Bajwa has contacted the US to play a part in the immediate delivery of a US$1.2 billion tranche, the rupee's freefall against the US dollar in the interbank market resumed early on Friday. However, it reversed the losses in the second half.

The State Bank of Pakistan (SBP) previously explained the 11-rupee change in the exchange rate in just two days as a result of the "market-determined exchange rate system," which is a system in which the current account position, news stories, and domestic uncertainty all affect daily currency fluctuations.

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