KARACHI: The exchange rate of the US dollar in Pakistan experienced a substantial increase, surging by Rs 4 to reach Rs 281 in the open market on Wednesday, October 18.

This marks a significant upward movement compared to the previous day, Tuesday, October 17, when the US dollar was trading at Rs 277 in the open market. This notable rise in the open market exchange rate represents a noteworthy shift after an extended period of relative stability.

Concurrently, in the inter-bank market, the value of the US dollar also saw a notable increment of Rs 3.26, ultimately settling at Rs 280.29. This shift resulted in a 1.16% depreciation of the Pakistani rupee against the US dollar in the inter-bank market on October 18.

Despite robust US retail sales data, the global stance of the US dollar remained relatively stable on Wednesday, as it struggled to make substantial further gains.