November 08, 2007	Thursday	Shawwal 26, 1428

KARACHI, Nov 7: Uncertainty owing to emergency has shaken exchange rate and dollar has started gaining against Pakistani rupee while the greenback itself has been a weaker currency in the international market.

Currency dealers said for the couple of days, after the emergency, the demand of US dollar suddenly shot up, but the presence of excess dollars in the market and State Bank’s balancing role prevented any panic like situation.

However, Pakistani rupee lost 20 to 25 paisa against the greenback in two days.

On Tuesday, the dollar was opened at Rs60.82 and ended at Rs60.92.

Traditionally the greenback has been a currency which attracts buyers whenever an uncertainty appears in the country.

But dealers said the impact was not as wide as it was expected.

“The biggest point is the reserves reaching $16 billion which provides a shelter against any panic while the central bank is in a position to neutralise such kinds of waves against rupee,” said a currency dealer.

He said the demand of the currency was high mainly because a big payment was made on Tuesday. He said a gas company made a payment of $25 million and the company bought it from the market.