Dollar loses momentum, further down by 52 paisas

By: News Desk      Published: 12:52 PM, 4 Jun, 2020
Dollar loses momentum, further down by 52 paisas

The rupee was making further gains against the US dollar in inter-bank rate with the greenback being available for Rs163.80 after losing 52 paisas so far on Thursday, reported 24NewsHD TV channel.

Earlier on Wednesday, the rupee broke the sequence of gains made by the dollar which lost 57 paisas against the local currency, ending the day at Rs164.32 against the previous day’s level of Rs164.89.

At one point, the dollar was traded at as low as Rs163.89, representing a loss of one rupee in its value. However, the net loss was reduced by the time trading closed for the day.  

On Tuesday, the dollar continued surging against the rupee for the fourth consecutive day as its value had increased by Rs3.97 in inter-bank rate during this period.

By the time trading was closed on Tuesday, the dollar was available for Rs164.89, meaning it gained 81 paisas during the day. At one point, the greenback had reached the level of Rs165.77, which represented a gain of Rs1.69 against the local currency after the starting from the previous day’s level of Rs164.08.

As far as the open market is concerned, the dollar price increased to Rs165.20 after a gain Rs1.20.

Meanwhile, the Rs3.97 raise in the dollar value means an increase of Rs437 billion in Pakistan’s external debt. 

On Monday, the dollar was up by 98 paisas as it closed at Rs164.08 in inter-bank rate. It was available for Rs164 in open market with a gain of 50 paisas.