Dollar lost Rs 23
ISLAMABAD: The US dollar shed more value for the third consecutive day on Thursday after the government initiated a stiff nationwide crackdown against smugglers and hoarders.
On Thursday, the dollar-rupee exchange rate fell to Rs 305 in the inter-bank and 310 in open market trading. Thus, in the open market, the greenback has lost 23 rupees value in just three days.
Dollar lost Rs 23 in open market trading in just three days.
However, in inter-bank trading, the dollar’s value fluctuated around 305, after touching the 307 rupee highest mark on Tuesday.
From Sept 5 (Tuesday), the government has initiated a countrywide crackdown against currency smugglers and hoarders of essential consumer items.
Meanwhile, the gap between the inter-bank and open market value of the dollar versus the rupee also fell below the IMF’s permissible limit. On Thursday, the dollar-rupee gap in the inter-bank and open market trading was just around five rupees as against 25 rupees three days ago.
The US dollar hits record high on Tuesday
Earlier, the US dollar set a new record in inter-bank trading on Tuesday by hitting an all-time high level of Rs 307. The dollar-rupee exchange rate improved further from the previous close of 306 and surged to 307 on Tuesday.
However, in the open market trading, the dollar landed into reverse gear, and lost nine rupees vs. PKR, falling to 324 on Tuesday from yesterday’s record high level of 333 rupees.
Hence, the dollar-rupee exchange rate gap that expanded to 27 rupees in the inter-bank and opened market trading on Monday, declined to 17 rupees.
There is no solid reason for massive fluctuations in the value of the greenback in the open market except that market forces have gone wild in making profits though it was getting unbearable for the masses in the country.
According to experts, the government’s crackdown and army chief’s statement of raising $100 billion foreign investment through SIFC caused a blow to the artificial hike of the dollar.
