The dollar has surged in value against the Pakistani rupee, marking a notable uptick in currency exchange dynamics within the country.
In interbank transactions, the State Bank of Pakistan reported a closure rate of Rs 278.43 for the dollar, following a 4-paise increase.
Comparatively, the dollar had closed at Rs 279.04 during the previous week’s final trading day. Since Monday, however, the dollar’s value has exhibited a consistent upward trajectory, despite ongoing negotiations with the International Monetary Fund (IMF) showing positive signs.
Despite these diplomatic efforts, the dollar’s ascent remains steady and noteworthy.
Analysts attribute the heightened demand for dollars to multiple factors, including a decline in remittances and the resumption of Letter of Credit (LC) transactions post the Eid holidays. These contributing factors have collectively propelled the demand for dollars, influencing the current exchange rate dynamics.
Conversely, there are speculative reports suggesting a potential reversal in this trend by early 2025. Projections hint at a prospective appreciation of the Pakistani rupee, potentially leading to a decline in the dollar’s value to approximately Rs 230.
