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Dollar soars to Rs233 in interbank market

Zain Aijaz by Zain Aijaz
July 26, 2022
in Business, Featured, Latest News, National, News, Top News, World
Reading Time: 1 min read
Dollar Rupee

KARACHI: On Tuesday, the rupee dropped to a new all-time low against the US dollar. The local currency is being traded at Rs233 in the interbank market. The greenback gained Rs3.12 by 12:33 pm.

According to Mettis Global, the rupee lost value because of oil’s letter of credit (LC) payments. Mettis added that State Bank of Pakistan had shown reluctance to issue reserves for controlling the volatility of the exchange rate.

Since Imran Khan was ousted as prime minister, the dollar has gained 21.3 per cent more value against the Pakistani rupee due to political turmoil and the ever-widening trade deficit.

The dollar dropped to Rs204.56 in July’s first week. Rupee showed more progress after the staff-level agreement was reached with IMF. However, the local currency has shown poor performance since then. During last week, the dollar gained 8.25 per cent against the local currency.

Zain Aijaz

Zain Aijaz

Zain is a media student and a writer by passion. He is a certified creative writer from Wesleyan University and enthusiastically writes on non-fiction and political satire. He is vastly experienced in the field of theatre and has served as a theatre mentor across different institutions. Currently, he is a contributor at The Upcut and can be reached at zainaijazdehlvi@gmail.com

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