Dollar reaches historic high of Rs168.50 in open market

By: News Desk      Published: 11:41 AM, 24 Jun, 2020
Dollar reaches historic high of Rs168.50 in open market

The US dollar set a new record in the open market on Wednesday as it ended the day at Rs168.50 after a gain of 50 paisas against the rupee, reported 24NewsHD TV channel. 

As far as inter-bank rate is concerned, the dollar closed the session at Rs167.36 after losing 29 paisas, but only after surging to the level of Rs168.10 at one point.

The 45-paisa gain during early trading meant that the dollar was moving closer to break the all-time high record of Rs169 set on March 27 morning but the movement was reversed later in the session.

On March 27, the dollar had climbed to Rs169 in the inter-bank rate but later suddenly lost Rs4 in the afternoon after the State Bank of Pakistan (SBP) intervened to check the steep upward curve in its value.

The SBP had pumped around $300 to $400 million into the system to stabilise the exchange rate after the day began with more bad news for the rupee as it became weaker with the dollar reaching the value of Rs169, the highest in the history.

A day earlier on March 26, the dollar had set a new record by reaching the mark of Rs166.50. However, it closed the day at Rs166.13.

However, the rupee had recovered some ground in April and May with the dollar exchange falling below Rs160 at one stage, but this trend proved to be unsustainable.

Since June 5 when the dollar had closed at Rs163.30, the world’s dominant currency is moving in upward trajectory and has gained Rs4.06 against the rupee.

Earlier on Tuesday, the dollar was available for Rs167.65 with an increase of Rs1.07 in inter-bank rate and for Rs168 in open market after a gain of Rs1.

On the other hand, the euro lost 14 paisas and the pound sterling 55 paisas as the two currencies closed the day in inter-bank rate at Rs189.07 and Rs208.96 respectively.

However, the euro grew stronger in open market with a gain of Rs2.50 and ended the day at Rs190. There was no change in the case of pound which remained at Rs210.