KARACHI: The US dollar plummeted to Rs97-level on Monday, continuing its depreciation from the previous week.
According to forex.pk, the greenback was being bought at Rs97.70 and sold at Rs97.90 in the interbank market.
However, in the open market the dollar was being sold at Rs100.75 and bought at Rs100.20, registering a slight decrease in its value from the previous day.
Last week the dollar dropped to Rs98.10 in the interbank market and currency dealers had predicted further devaluing of the greenback this week. A decline in the prices of petroleum products is also expected as a result of the greenback's depreciation.
The rupee has appreciated by 7pc in the Jan-March 2014 period, becoming one of the best performing currencies in the world so far in this calendar year.
The appreciation came after the currency devalued by around 6pc against the dollar in the first six months of the 2013-2014 financial year.
The appreciation is being linked with an unexpected $1.5bn received under the Pakistan Development Fund (PDF) by a friendly nation.
Whether the current trend is sustainable or not is difficult to answer at this point.