Dollar up by 50 paisas in open market, 30 paisas in inter-bank rate
The US dollar again surged both in inter-bank rate and open market on Friday, showing that the trend witnessed the previous day was just an anomaly.
It was the open market where the dollar made the biggest gains against the rupee as it closed at Rs168 against the price of Rs167.50 witnessed Thursday.
As far as the inter-bank rate is concerned, the dollar was up 30 paisas and ended the business week at Rs167.66.
It means the world’s dominant currency gained Rs1.03 in inter-bank rate and Rs0.80 in open market during the current week.
On Thursday, the dollar had lost Rs1 against the local currency and was available for Rs167.50 in open market soon after the State Bank of Pakistan’s decision to slash the interest rate by 100 basis points.
It came a day after the dollar set a new record in open market by reaching the level of Rs168.50 as part of the recent surge in its value.
Meanwhile, the dollar had remained stable in inter-bank rate and was traded at Rs167.36 in interbank rate.
On the other hand, the euro was down by seven paisas and the pound sterling by 20 paisas in inter-bank rate, closing the week at Rs188.03 and Rs208.04 respectively. The euro remained unchanged at Rs188 while the pound was down to Rs208 after losing Rs1 against the local currency.
The latest series of gains being made by the dollar started on June 8 after it closed at Rs163.30 on June 5 in inter-bank rate, representing an overall gain of Rs4.36.
Similarly, the current price of dollar in open market shows a gain Rs4.50 during the past two weeks.
Meanwhile, the euro gained Rs2.58 in inter-bank rate and Rs5.5 while the pound was up by Rs1.34 and by Rs3 respectively during the same period.