Federal Budget

Dollar changes trajectory, depreciates another Rs5 in open market

Dollar changes trajectory, depreciates another Rs5 in open market

Business

The local unit gains 72 paisa in interbank trading too

KARACHI (Web Desk) – The US dollar lost another five rupees against the local currency in open market by noon on Wednesday and was available for Rs295, which so far translates into a net gain of Rs10 during the last two days.

It started with a Rs5 surge in rupee on Tuesday as it closed the session at Rs300 in open market. However, the local currency had lost 34 paisa in interbank trading.

On the other hand, the rupee on Wednesday made gains in interbank as well with the exchange rate recorded was at Rs287.25 against the previous closing at Rs287.97 by the time this report was being filed.

It means the difference between the official and open market has now reduced to just over seven rupees which is going to discourage both hoarding and black marketing.

This much-welcomed series of gains comes Exchange Companies of Pakistan Chairman Malik Bostan on Wednesday urged the people sell the dollars as, according to him, the rupee would make further gains against the greenback, with a prediction that gold would also get cheaper.