KARACHI: The continuous fall in rupee’s value abated on Wednesday after 10 days of frenzied trading in the currency market.
The local currency gained Rs1 in the open market on Wednesday to close at Rs153 against Rs154 on Tuesday.
However, the exchange rate remained stable in the interbank market helping the open market to find the some respite against the bullish dollar. The closing rate for the dollar in the open market was Rs152.
Currency dealers said the stability in the interbank market rates usually sets the tone of the exchange rate in open market. “If banks don’t change rates in the remaining days of this week, the dollar would not go up,” said a currency dealer.
Currency markets have also been roiled due to demand pulls after individuals looking to make easy bucks started buying dollars from the open market. Following which, renowned scholar Mufti Taqi Usmani declared keeping dollars for profits a sinful act.
“Purchasing dollars to hoard and earn profits by the increase in its price is a grave sin and disloyalty to the country,” he said.