Dollar up by Rs6 in open market as new business week begins
Business
Greenback has bounced back after witnessing a record single-day decline on June 1
KARACHI (Dunya News) – The US dollar surged during trading on Monday – the first day of the new business week – both in interbank and open market.
The rupee plunged by Rs6 in open market by the time this report was filed around 12.30pm. It was available in Rs306 against the last week’s closing value of Rs300.
As far as the interbank exchange rate is concerned, the dollar gained 52 paisa with the exchange rate touching Rs286.20 in the first hour of trading. It closed at Rs285.68 on Friday – week’s last working day.
The US dollar has bounced back after witnessing a record single-day decline during trading on June 1 as the rupee gained Rs19 after weeks and months of sustained losses.
It happened due to the fact that the central bank on Wednesday allowed authorised dealer [banks] to purchase US dollars from interbank for settlement of card-based cross-border truncations with International Payment Schemes (IPSs).
Read more: Banks allowed to buy dollar from interbank for int'l card-based transactions
Earlier, the authorised dealers were only allowed to purchase the US dollar from any exchange company for card-based cross-border truncations with IPS including Visa and MasterCard.
In his reaction to the latest gain made by the local currency, Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan congratulated Finance Minister Ishaq Dar for taking a timely decision. He revealed that Dar had contacted him after the dollar reached the Rs316 level.
