Dollar delivers another 84-paisa punch to rupee

By: News Desk      Published: 05:16 PM, 17 Jun, 2020
Dollar delivers another 84-paisa punch to rupee

The US dollar continued making further gains against the rupee as it ended the day at Rs165.71 in inter-bank rate on Wednesday, 24NewsHD TV channel reported.

But unlike the dollar which went up by 84 paisas, both euro and pound sterling didn’t have a profitable day as they lost eight paisas and four paisas respectively against the local currency. It means the euro was now available for Rs186.77 and the pound for Rs208.26.

However, these small losses shouldn’t be a worry for those trading in the two currencies given the trend being witnessed recently.

Earlier on Tuesday, the rupee continued to tumble against the top foreign currencies on Tuesday as the US dollar, euro and pound sterling made significant gains, especially in the open market.

In inter-bank trading, the dollar price increased by two paisas, closing the session at Rs164.87. It means has made gains consistently during the past week and the first two days of the current [seven business days].

On June 5, the dollar had reached the level of Rs163. 30 while it currently stands at Rs164.87, representing a gain of Rs1.57 against the local currency.

But the dollar was also strong in the open market on Tuesday with a gain of 30 paisas and closing the trading at Rs165.30, which means it is up by Rs1.80 against the value recorded on June 5.

However, it was the pound that stole the show on Tuesday as it gained Rs1.58 in inter-bank rate and Rs2 in the open market, closing at Rs208.30 and Rs209 respectively.

On the other hand, the euro ended the day at Rs186.85 after gaining Rs1.30 in inter-bank rate. It was traded for Rs185.50 with an Rs1 gain in the open market.

If we look at the pound, the pound is up by Rs1.60 in inter-bank rate and by Rs4 in the open market against the local currency since June 5.

Meanwhile, the increase in the case of euro during the corresponding period is Rs1.40 in inter-bank trading and Rs3 in the open market.

It is worth noting that the ruling party is still claiming that the previous government led by the PML-N kept the rupee strong artificially, as the statement was repeated in his budget speech too by Federal Minister Hammad Azhar.

But ever since the liberalisation of dollar rate [and other foreign currencies as well], the rupee is getting weaker, resulting in high inflation at a time the utility prices are also skyrocketing.