Implementing the decision to let the greenback be traded at values dictated by market forces, the price of a single US dollar soared above Rs250 for the first time ever.
According to rates released by the Forex Association of Pakistan on Thursday afternoon, the interbank rate for a US dollar saw a jump of nearly Rs20.10 from Rs231.50 on Wednesday to Rs250.60 on Thursday.
On the low side, the rates increased from Rs231 on Wednesday to Rs240.50 on Thursday.
Similarly, the open market rates also saw a massive jump, rising by Rs12 from a high of Rs243 on Wednesday to Rs255 on Thursday.
The low rates increased from Rs240.60 on Wednesday to Rs252.50.
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The increase in rates of the US dollar came after the government agreed to a condition set by the International Monetary Fund (IMF) to let the exchange rate be dictated by the market rather than artificially arresting it.