Federal Budget

US dollar crosses Rs200 mark in interbank

US dollar crosses Rs200 mark in interbank

Business

USD closed at 197.92 in the previous session in the interbank market.

KARACHI (Haris Zamir) - Dollar at interbank and open market on Monday raised by more 2 rupees on back of hefty oil payments and rumors regarding clamping an economic emergency and freezing of foreign currency accounts.

However, through joint statement of Ministry of Finance and State Bank and also from the Tweet of Finance Minister Miftah Ismail it was announced that no such plan has been underconsideration and rumors are baseless regarding freezing foreign accounts.

The statement came late according to a forex dealer, this announcement should be released before the opening of market, because such rumors, Rupee received heavy dents.

Dollar at interbank was up by Rs 2.14 to close at 200.06 rupees while at open market it was quoted at 200.50 up by almost 2 rupees from last close.

While in other foreign exchange houses dollar change hands at 202 to 203 levels.

Moreover, the dealer rupee is weakening because of the harsh statements from the former Prime Minister Imran, bashing the current government and further saying that country has been verge of breakup if decisions are not taken promptly.

These kinds of statements are enough to throttle the confidence of investors and provoking dealers to buy dollars.

However, it is a possibility rupee might recover after joint statement that no lockers, no foreign currency accounts and no RDA would be frozen, but decision came late, dealers added.