Dollar Reached All-Time Highest Rate of PKR 324 in Open Market

Islamabad: As per the news published on August 30, 2023, the rupee devaluation in the global market is pushing the dollar toward an all-time highest rate of PKR 324 in the open market.

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According to sources, the finance team of the Caretaker government has allegedly announced that the country has reached the worst monetary situation of all. It is indicated that the continued devaluation of the rupee in global markets has declined the rupee to nearly Rs 324-25 per dollar in the open market.

The update shared by the Exchange Companies Association of Pakistan (ECAP) indicated that exchange companies bought the dollar at Rs 322 from the global market in the morning. However, it was sold at a sell rate of Rs 324.5 in the open market till noon. 

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Some earlier ECAP reports show that the US dollar was bought at Rs 316 and sold at Rs 319 later. The open market’s official and nonofficial selling rate compares to a difference of Rs 5.5. However, the rate difference between open and interbank markets is more noticeable.

The buying rate of the dollar from the interbank market was Rs 304.65, and selling was Rs 305.2. The difference between the open and interbank markets is Rs. 13.8 or 4.52 percent. However, the difference between the interbank market and ‘official’ available market rates is Rs 19.3 or 6.32 percent.

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