Dollar falls to Rs148.70 in interbank market

Published May 30, 2019
The value of the US dollar further decreases by Rs1.70 in the interbank market on Thursday. — AFP/File
The value of the US dollar further decreases by Rs1.70 in the interbank market on Thursday. — AFP/File

The rupee gained some strength in the money market as the value of the US dollar on Thursday further decreased by Rs1.70 in the interbank market.

The greenback settled down at Rs 148.70 in the interbank market. The decline also dictated the open market, forcing the dollar to shed its value by Re0.50 to Rs149.50.

According to currency dealers, stability started returning to the money market as external payments had been made. Some sources in the market said that the State Bank of Pakistan's (SBP) off the record warning to commercial banks against unnecessary acquiring of the dollar also played its role in bringing the value of the greenback down.

Primary dealers expressed hope that the factors, in addition to rising inflows of remittances, would further push the greenback to shed its value in the currency market.

Earlier on Wednesday, the value of the dollar established in the interbank market at Rs150.22 — down Rs0.78. It, however, remained stable at Rs150 in the open market.

On Tuesday, the US dollar had reached the Rs151 mark in the interbank market, with the rupee falling by Rs1.40, while in the open market, the rupee had slid to Rs150 against the dollar, down Rs0.50 as compared to the previous day.

On Monday, falling demand coupled with a surge in supply had pushed dollar's price in the open market to Rs149.50 — down half a rupee from the Rs150 rate in the preceding session. In the interbank market, the greenback had been traded at Rs149.60 as compared to Rs150.90 in the earlier session, posting a decline of Rs1.30.



Back to bedlam
Updated 25 May, 2022

Back to bedlam

FEAR tactics have never worked in the past, and most likely will not this time either. The government’s ...
25 May, 2022

Balochistan blaze

THE forest fire on the Koh-i-Sulaiman range in Balochistan’s Shirani area is among a series of blazes to have...
25 May, 2022

Unequal citizens

INDIFFERENCE would have been bad enough, but the state’s attitude towards non-Muslims falls squarely in the...
Updated 24 May, 2022

Marching in May

MORE unrest. That is the forecast for the weeks ahead as the PTI formally proceeds with its planned march on...
24 May, 2022

Policy rate hike

THE State Bank has raised its policy rate by 150bps to 13.75pc, hoping that its latest monetary-tightening action...
24 May, 2022

Questionable campaign

OVER the past couple of days, a number of cases have been registered in different parts of the country against...