US Dollar gears back Rs. 4.20 in the open market against Pakistani Rupee
After reaching the historic figures, US Dollar decreased considerably in the open market and the interbank market. The decrease was recorded by Rs.2.50 in the open market and by Rs.4.20 in the interbank market.
The recovery of rupee is believed to be the result of Prime Minister’s concerns over sharp depreciation as he asked the concerned departments to take due measures. PM also talked to the Governor State Bank of Pakistan (SBP) Reza Baqir over the issue during the week.
Currency dealers have blamed the commercial banks for creating artificial demand to increase the exchange rate to earn profits over the hoarded foreign currency.
USD did not change significantly for more than a week until it turned up sharply on Wednesday and crossed 164. However, with the expected aids from the International Monetary Fund, Asian Development Bank, World Bank and economic support from Qatar, the situation would get better as the inflow of the foreign currency will increase.