The value of the dollar falls below Rs155 in the interbank market
During the trading session, the value of the US dollar fell below Rs 155 on the interbank market and sold for Rs 154.98 / 155.02 at 11:45 am Pakistan time.
According to Mets Global, dollar interbank trading was reported at Rs 155.
The rupee appreciated by around 40 paise from the previous day’s price of Rs 155.39.
Note that this is the first time since March 6, 2020, that the dollar falls below the level of Rs 155.
Recall that during the current financial year, the exchange rate fluctuated greatly and that in August 2020 (FY 21), the rupee depreciated to its lowest level against the dollar, reaching Rs 168, 70 on August 20 of last year.
The rupee then started to recover and has improved significantly against the US dollar over the past four months.
The rupee had traded at Rs 161.13 on January 16 of this year, gaining Rs 2.32 per dollar or 1.4%. On February 12, the dollar traded at Rs 158.81 on the interbank market, its lowest level in three months.
It should also be noted that the depreciation of the dollar and the appreciation of the rupee occurred when the International Monetary Fund (IMF) yesterday restored its program for Pakistan after having delayed it by more than a year.
The IMF’s board has approved the third tranche of a € 500 million program for Pakistan.