Dollar nudges higher as rupee dips in interbank market

KARACHI – Amid delay in an agreement between the IMF and Pakistan, the US continued its gaining spree on Wednesday as it surged by 85 pasias to reach Rs282.85 against the rupee in interbank market.

The value of the greenback witnessed fluctuating during the trading session, with a 19 paisa fall to Rs1.22 gain, and eventually closed after gaining 85 paisas against the local currency.

In the open market, the dollar gained Rs1 against the rupee to settle at Rs286.

The government’s impasse with the IMF has brought record devaluation in the local currency in the recent weeks.

Meanwhile, the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) data shows the price of gold (24 carats) increased by Rs900 per tola and Rs771 per 10 grams to reach Rs202,400 and Rs173,525, respectively.