The US dollar on Wednesday witnessed a declining trend in the interbank market, with the value of the greenback established at Rs150.22 — down Rs0.78 — at the time of market closing.
The value of the US dollar, however, remained stable at Rs150 in the open market.
During the trading today, the rupee showed some positive signs and the value of the US dollar decreased to Rs149.70 before closing at Rs150.22.
According to currency dealers, due to the lowering price of the dollar in the interbank market, the value of the greenback remained stable in the open market.
They are expecting the value of the US currency to witness a significant decline in the open market, if its value is further decreased in the interbank market in the next two days.
Some dealers attribute the recent stability in the value of the rupee to surge in overseas Pakistanis’ remittances at the end of Ramazan.
Earlier on Tuesday, the US dollar had reached the Rs151 mark in the interbank market, with the rupee falling by Rs1.40. 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.
Forex Association of Pakistan President Malik Bostan recently said the value of the dollar will fall [further] if the State Bank of Pakistan (SBP) controls the interbank market.