Dollar up by 11 paisas, euro gets a 20-paisa boost

By: News Desk      Published: 04:27 PM, 7 Sep, 2020
Dollar up by 11 paisas, euro gets a 20-paisa boost

The US dollar and the euro grew stronger in inter-bank exchange rate on Monday as the pound shed of its value against the rupee, reported 24NewsHD TV channel.

As the session closed for inter-bank trading, the dollar was available for Rs165.87 with an 11-paisa gain. In the case of euro, it ended the day at Rs196.51 after gaining 20 paisas.

However, the pound exchange rate stood Rs219.41 with a loss of 98 paisas against the local currency.

Meanwhile, the rupee performed well in open market where the dollar and the pound were down by 10 paisas and Rs1 respectively with their respective exchange rate recorded at Rs166.20 and Rs221. But there was no change in the value of euro which stood at Rs197.50.

Ever since shattering all the previous records, the dollar is unable to sustain it surge as the US economy is experiencing a crippling pressure amid a 9.5 percent cut in the second quarter.

This situation is a natural outcome of the devastating impact of Covid-19 which has started appearing in the form of dismal performance of economy and its currency.

On August 26, the dollar a new record as its exchange rate jumped to Rs168.43 in inter-bank trading and to Rs169 in open market. But since then, it has faced significant losses against the rupee.

Earlier on August 19, the euro closed the day at Rs200.98 and the record-shattering pound at Rs223.12 in inter-bank trading. In open market, their respective values were Rs200.50 and Rs224 respectively.