In the open market, the value of the US dollar increased by Rs4 on Friday, crossing the Rs300 mark again.
The greenback had shed Rs27 at one point on Thursday, recovering partially later in the day. It lost its value by a total of Rs13 by the day’s end yesterday.
However, the price of the dollar increased again on Friday in the open market by Rs4 by noon.
According to open market currency dealers, the US dollar was trading at Rs 302 by 12pm.
Exchange Companies Association of Pakistan Secretary General Zafar Paracha said the reason for the increase in the price of the dollar was a market correction that was already expected.
Currency dealers had told Business Recorder on Thursday that they expected the US dollar rate to reach equilibrium because the greenback was short in supply in the market.
In the inter-bank market, the Pakistani rupee remained marginally stable against the US dollar, depreciating nearly 0.06% during trading by midday.
At around 12pm, the rupee was being traded at 285.20, a decline of Re0.18.