The rupee gained some strength in the money market as the value of the US dollar on Thursday further decreased by Rs 1.70 in the interbank market and settled down at Rs 148.70. The decline also dictated the open market, forcing the dollar to shed its value by 50 paisas to close at Rs 149.50.
According to currency dealers, stability started returning to the money market as external payments had been made. Some sources in the market said that the State Bank of Pakistan’s (SBP) off the record warning to commercial banks against unnecessary acquiring of the dollar also played its role in bringing the value of the greenback down.
Primary dealers expressed hope that the factors, in addition to rising inflows of remittances, would further push the greenback to shed its value in the currency market.
Earlier on Wednesday, the value of the dollar in the interbank market was Rs 150.22 – down Rs 0.78. It, however, remained stable at Rs 150 in the open market.
On Tuesday, the US dollar had reached the Rs 151 mark in the interbank market, with the rupee falling by Rs 1.40, while in the open market, the rupee had slid to Rs 150 against the dollar, down Rs 0.50 as compared to the previous day.
On Monday, falling demand coupled with a surge in supply had pushed dollar’s price in the open market to Rs 149.50 – down half a rupee from the Rs 150 rate in the preceding session. In the interbank market, the greenback was traded at Rs149.60 as compared to Rs 150.90 in the earlier session, posting a decline of Rs 1.30.
