Dollar depreciates by Rs4 in intraday trading

LAHORE: The US dollar considerably decreased on Friday during intraday trading in the open market as well as the interbank market by Rs4.50 and Rs4.20, respectively.

The greenback shed its value against the local currency to depreciate to Rs159 in the open market, while in the interbank market it hit Rs160.

Earlier on Wednesday, the dollar increased by Rs5.2 to hit Rs162 at the close of the day’s trading.

Similarly, a massive increase in the value of gold was also witnessed during this week, with the yellow metal trading at Rs80,500 per 12 grams on Wednesday.

The free-fall of the rupee has been the result of the latest International Monetary Fund (IMF) agreement which agreed to disburse a $6 billion loan to cash-strapped Pakistan with a condition for ‘market-determined’ exchange rate.

Bearing in mind the freshly agreed deal with the International Monetary fund (IMF), further depreciation was expected in the markets as it is a condition for the agreement.