Dollar falls by Rs 4.15 against rupee in interbank trading

The US dollar lost ground against the Pakistani rupee on Monday, falling down Rs4.15 in interbank trading.

The local currency increased by Rs4.15 against the US dollar in the interbank market, according to the foreign exchange dealers. Currently, banks are selling dollars for Rs236 while the free market is selling them for Rs238 to 240.

It should be mentioned that Ishaq Dar was chosen to replace Miftah Ismail as the coalition government's finance minister at a PML-N huddle held in London with Nawaz Sharif as chair. Miftah Ismail resigned from her position as finance minister yesterday.

The Pakistani rupee has declined by Rs56.72 against the United States (US) dollar in the first six months of Prime Minister Shehbaz Sharif-led coalition government.

According to a report by currency dealers, the rupee witnessed massive depreciation from Rs 178 against the US dollar in April 2022 to Rs 239.65 in September 2022, a decline of Rs56.72 over the past 6 months.