Daily Times

During past week, US Dollar saw an overall increase of Rs1.77. On Saturday, the current rate for US Dollar stands at Rs280.57, as the interbank exchange rate saw a notable Rs1.77 rise during the past week. After a continuous decline in the value of the US dollar against the Pakistani currency for five weeks, there has been a trend of increasing over the past two weeks. According to the State Bank of Pakistan, on Friday, the dollar closed at 280.57 rupees in the interbank market. During the past week, the dollar saw an overall increase of Rs1.77. The value of the US dollar had been on a downward trend against the Pakistani rupee for 28 consecutive business days, dipping below 277 rupees at one point. However, the decline in the value of the dollar stopped during the last week. Currency market analysts suggest that the dollar’s value had significantly dropped, and a recovery was expected. However, pressure on income payments in the interbank market emerged last Wednesday. The increase in the value of the dollar in the world market due to the conflict between Israel and Hamas in Gaza also had an impact on the Pakistani currency.