Dollar, pound, euro surge against rupee

By: News Desk      Published: 05:36 PM, 2 Dec, 2020
Dollar, pound, euro surge against rupee

All the major currencies grew stronger in both interbank and open market trading on Wednesday as the rupee further depreciated amid the economic woes faced Pakistan.

The US dollar was up 65 paisas in inter-bank exchange rate after a robust start in the early morning when it made a gain of 58-paisa soon after trading started. It was available for Rs160.46 by the time Wednesday’s session closed.

Hence, the world’s top currency has surged by Rs1.04 in the two sessions after a gain of 39 paisas on Tuesday.

Similarly, the pound sterling ended the day at Rs214.53 after gaining 35 paisas. However, it was the euro that led the show with a gain of Rs1.88 and thus traded at Rs193.93.

Things were not different for the local currency in the open market too where the dollar was traded for Rs160.80, pound for Rs215 and euro for Rs193.

It means the increase in the exchange rate for dollar, pound and euro was 60 paisas, Rs1.50 and Rs2.50 respectively, showing that the euro remained the best performer in the open market as well.

Last month, the dollar had reversed the months-long trend of shedding value against the rupee and at one point surged over the Rs161 level in interbank trading with around Rs2.60 gain within a week after managing to stay just above Rs158.

However, the local currency later stemmed the downward movement and regained some of the value that it had lost, pushing the dollar back below the Rs160 level – a downward movement which has again been checked.

During the same period, the dollar was available Rs157.93 in the open market which was the lowest value in eight months.