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Dollar gains more value in inter-bank and open market trading today

In the last five trading days, the rate of US dollar has edged up in the inter-bank to 218.50 rupees, from 212 rupees while in the open market the dollar-rupee parity has crossed 223 rupees level, from 210 rupees.

Dollar Background

ISLAMABAD: The value of dollar further edged up on Wednesday in the inter-bank and open market trading. The dollar-rupee exchange rate in inter-bank surged to 218.50 rupees from previous day’s rate of 217.60 rupees.

In the open market, the value of dollar increased above 223 rupees because of the shortage of foreign currency and increase in demand of UAE dirhams and dollars.

Analysts said the pressure on the rupee will exist till the IMF executive board’s approval for disbursement of $1.17 billion tranche for Pakistan.

In the last five trading days, the rate of US dollar has edged up in the inter-bank to 218.50 rupees, from 212 rupees while in the open market the dollar-rupee parity has crossed 223 rupees level, from 210 rupees.

The government’s decision to ensure a free float of the dollar-rupee exchange rate, mentioned in the Letter of Intent (LOI) sent to the IMF last week as part of the upfront requirements has also encouraged dollarisation in the country, causing a serious blow to the value of rupee.

It will also increase the cost of doing business and put more financial burden on the masses in the country in the shape of further increase in electricity, petrol, gas, cooking oil, tea and other essential consumer items value.

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.

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