US dollar closes at Rs150 in the open market

KARACHI: There was fluctuation in the price of the US dollar during trading in the open and interbank markets on Tuesday.

When trading began, the US dollar increased by Rs1 in the interbank market to trade at Rs150.50. In the open market, the rupee also saw an increase of Rs1 and was being sold at Rs151.

At the end of trading, the dollar had increased by Rs0.48 in the interbank to Rs150.22 while in the open market it was traded at Rs150.

The rupee had shown gains against the US dollar for three consecutive working days. The US currency slipped by Rs2.21 at interbank in the last three sessions. A similar downward trend was witnessed in the open market, where the US dollar was down by Rs1 on Monday to settle at Rs150.50.

Earlier this month, the rupee registered record lows against the US dollar following the announcement of a $6 billion bailout agreement with the International Monetary Fund foreseeing a "market-determined rate" for the Pakistani currency.

Since last week, the rupee lost 3.74% against the dollar in the interbank market, with the currency cumulatively losing 37.45 since January 2018.