Dollar continues rally, traded for Rs 159.20 in open market

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The dollar on Thursday continued its upward trend against Pakistani rupee, as the greenback saw an increase of 69 paisa, during trading in the open market.

The dollar in the open market is being traded at Rs159.20, after the recent hike.

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Earlier, Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh had said that there was no agreement with International Monetary Fund (IMF) on exchange rate.

Speaking to the media, he had said people were spreading speculations about the exchange rate and added, “But I am clearly saying that there is no agreement with IMF about fixing the exchange rate at a certain level”.

He clarified that nobody knew the real value of the exchange rate and nobody can predict or fix the exchange rate at a certain level because it is always determined by the market itself.

Earlier, the US dollar was reported to be on the rise again after a gradual decrease past week in the open market on July 9. The Exchange Companies Association reported a 20 paisa rise in the worth of the greenback against the rupee.

The dollar jumped to Rs 157.70 from the previous 157.50 in the open market during the trading. Forex dealers also reported a 5 paisa increase in the price of the dollar in the interbank market.

The dollar in the interbank market stood at 157.37. Earlier, Dollar traded at Rs 157.32 in interbank, gaining 40 paisa on July 8.