US dollar inches up by 1.16, reaches Rs159.85 in interbank trade

KARACHI (92 News) – The US dollar continues to rise in the interbank market, inching up by 1.16 paisa to reach Rs159.85 during the first trading day on Monday. With the increase, the US dollar was being sold at Rs159.85 in the interbank market. The US dollar also witnessed an increase of Rs0.75 in the open market where it was being sold at Rs160.50. The benchmark KSE-100 index decreased 520 points to push down the index less than 33,150 points. Last week, Pakistan received the first tranche of a loan of $991.4 million from the International Monetary Fund (IMF) under the under Extended Fund Facility (EFF). According to the State Bank of Pakistan (SBP), following the loan from the IMF, the country's foreign exchange reserves now stand at above $15.0431 billion. The interbank rate is the benchmark rate to determine the value of dollar and sets the direction for open market rates. Since the open market or cash market rate usually remains higher than the interbank rate, the open market is likely to follow a similar trend throughout the day. The final rates for both cash and interbank market are compiled in the evening when businesses close.