Dollar hits historic high closes at Rs271.36

February 02, 2023 (MLN): The interbank dollar rate has closed at a historic high of 271.36 rupees, with a rise of 2.53 rupees as compared to previous close.

Since the start of 2023, the dollar has appreciated by 44.92 rupees, which is a 16.5% increase from its value on January 01, 2023.

The significant appreciation of the dollar since the start of the year has the potential to impact the Pakistani economy in various ways, including increasing the cost of imported goods, reducing the competitiveness of Pakistani exports, and potentially lowering foreign investment.

It is important to consider that multiple factors, including global economic conditions, monetary policies, and geopolitical events, can influence the exchange rate.

As such, it remains uncertain whether the current trend of the dollar's appreciation will continue in the coming days and weeks.

In summary, the recent close of the interbank dollar rate at a historic high of 271.36 rupees, with a 16.5% appreciation since January 01, 2023, signals a weakening of the Pakistani Rupee and has potential implications for the economy.

Monitoring developments in the exchange rate will be important in the near future.

Meanwhile, the currency lost 4.7 rupees to the Pound Sterling as the day's closing quote stood at PKR 335.86 per GBP, while the previous session closed at PKR 331.16 per GBP.

Similarly, PKR's value weakened by 5.9 rupees against EUR which closed at PKR 298.57 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 17.25/17.50%, whereas the 1 week rate was 16.85/16.95%.

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