KARACHI: In a significant development from the local interbank trade, the US dollar suffered a huge blow as compared to the local currency as soon as the market opened on Tuesday.
The interbank trade market of the currency opened with the greenback losing a shocking Rs15. However, a short while later, the value came up to Rs11.
Therefore, at the beginning of interbank trading, the dollar was traded at Rs275.
A day ago, as Pakistan signed a short-term agreement with the IMF for the next nine months, the dollar shed its rate by Rs5 in the open market.
On Monday, the trading session began with the American currency losing its value against the rupee by Rs5. The selling price of the dollar came to Rs285, and the buying price Rs280.
Due to the closure of the interbank market, its rate has not been released today, said Malik Bostan, the president of the Pakistan Forex Association of Pakistan.
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