Dollar rate in the interbank market on Monday increased by 17 paisas to close at Rs124.22. Dollar fluctuated between Rs122.50 and Rs124 in open market.
The interbank saw grand opening and rupee strengthened sharply against dollar with recovery of nearly Rs4.07 on Saturday.
On Saturday, the Pakistani rupee, after four years of pause, continued to reverse on expectation following PTI chairman Imran Khan’s victory speech which helped domestic currency improve by 3.2 per cent.
On Saturday trading sessions, Dollar in open market fell by Rs4.50. Dollar in open market floated at around Rs130 and closed at Rs123. Since Monday dollar has lost around Rs7 in the open market.
It is pertinent here to mention that, on July 27, the dollar value started to decline right after General Election 2018, and was recorded as Rs127.86 in interbank market after a record high of Rs130. On the other hand, with the decline in Dollar rate, Pakistan’s debt burden is likely to reduce by Rs365 billion.