Connect with us

Hi, what are you looking for?

Economy

Dollar crashes to Rs218 in open market due to selling pressure amid its rapidly falling value

The value of dollar is constantly falling for the 5th consecutive day and in open market, the greenback value crashed because of rush of sellers. Thus, in the past five days, dollar’s value in the open market has dropped by 34 rupees, from 250 to 218 on Friday.

ISLAMABAD: In the open market, the value of dollar today crashed to 218 rupees because of a selling pressure from investors and general public.

The value of dollar is constantly falling for the 5th consecutive day and in open market, the greenback value crashed because of rush of sellers. Thus, in the past five days, dollar’s value in the open market has dropped by 34 rupees, from 250 to 218 on Friday.

Price of dollar is rapidly eroding in the open market amid news that Pakistan is close to receive IMF loan as the board of the fund is scheduled to meet by end-August to give approval for the disbursement of loan to Pakistan.

On Friday, for the first time, the open market and inter-bank rate varied significantly. In the inter-bank, dollar-rupee parity was recorded around 224 rupees, whereas in the open market, dollar fell to 218 rupees as against 227 rupees of the previous day. In the inter-bank, rupee appreciated 2.15 rupees on Friday (Aug-5) against the dollar during trading and its value fluctuated around Rs224, down from Thursday’s rate of 226.15.

The rupee’s uptrend comes after the government’s belt-tightening measures, which led to a massive increase in inflation but also saved the country from an economic catastrophe.

As the IMF is expected to provide $1.20 billion to Pakistan at the end of August, the value of rupee will further strengthen in coming days. In last four days, dollar has lost more or less 22 rupees in inter-bank trading, falling from record high of 245 to 224. In the open market, dollar hit the highest level of 250 a few days ago, but today the greenback is trading around 218 in open market.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

Click to comment

Leave a Reply

Your email address will not be published.

Advertisement

Facebook

International

Ganci is a former American military base in Kyrgyzstan, near the international airport of Bishkek, which remained in use of the US Air Force...

Latest Updates

According to FIR, Adil fell from the 17th floor of the the building and all his friends fled from there instead of taking Adil...

Latest Updates

LAHORE/ISLAMABAD: Governor Punjab Baligh-ur-Rehman today administered oath to 21 PTI provincial ministers, who will become part of new chief minister Pervez Elahi’s cabinet. Punjab...

Copyright © 2021 The Truth International