The US Dollar (USD) has surged to a record high against the Pakistani Rupee (PKR) in the open market, reaching Rs 322, while reports indicate that it is being traded at Rs 328 in some segments of the market. This development comes amidst a backdrop of increased demand for the US Dollar, leading to further depreciation of the Pakistani rupee.
This surge in the USD-PKR exchange rate marks the highest level in the past two weeks, signaling a notable depreciation of the Pakistani currency against the US Dollar. Both interbank and open markets have witnessed a surge in demand for the US Dollar, maintaining this heightened level.
In the interbank market, the US Dollar is currently being traded at Rs 305.60, marking an increase of Rs 1.15 compared to previous rates. Additionally, banks are selling US Dollars at Rs 306.10 to importers who require the currency for opening letters of credit (LCs).
Forex dealers report that in the open market, the US Dollar is being sold at Rs 322, reflecting an increase of Rs 2.50. However, in some segments of the market, the USD is not available for as high as Rs 328.
This recent surge in the US Dollar’s value against the Pakistani Rupee comes on the heels of data showing that US private payrolls rose less than anticipated in August. This has contributed to expectations that the US Federal Reserve may halt its rate hike efforts. Softening economic data has fostered a belief that the central bank’s tightening cycle might be coming to an end.
The shifting dynamics of the USD-PKR exchange rate are a reflection of global economic trends and the influence of various economic indicators. The continued volatility in these exchange rates highlights the importance of closely monitoring economic developments that impact currency values.
