The US Dollar continued to depreciate further against the Pakistani Rupee, as it decreased in value by 17 paisas in the interbank market on Wednesday. On Wednesday morning, the mighty American currency started trading at Rs282.20 after losing a further 17 paisas in the interbank market. The Pakistani Rupee maintained its upward trajectory against the US dollar for the 10th consecutive session on Tuesday, as it appreciated 0.06% in the interbank market. As per the State Bank of Pakistan (SBP), the Rupee settled at Rs282.37 after an increase of 16 paisas at the end of the day's trading session. In the open market also, the price of the Dollar had reached Rs283.75 after a decrease of 25 paisas.

During the previous week, the rupee appreciated 0.25% or 73 paisas against the US Dollar in the interbank market to settle at Rs282.53. The Rupee appreciated against the mighty American currency for the sixth consecutive week following the announcement of a staff-level agreement between Pakistan and the International Monetary Fund (IMF) on the $3 billion Stand-by Arrangement (SBA). Also, the Exchange Companies Association of Pakistan has commended the State Bank of Pakistan's efforts for exchange rate stability and the introduction of a mechanism for calculating open market exchange rates.

Credit: Independent News Pakistan (INP)