Published On: Thu, Dec 19th, 2013
Published in Category: Karachi

Dollar vs rupee at Rs106.50 in interbank

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KARACHI: The dollar against rupee in the interbank market continued to lose during the last few days and made a mark on Wednesday as it has come down to Rs107 after about two months. Following announcement of the Finance Minister, Ishaq Dar a few days ago advising investors to sell their dollars to avoid losses as it was about to fall fast, the dollar continued losing ground and recorded a further drop by paisa 57 to peg at Rs106.50 today (Wednesday) making the dollar cheaper by Rs2.00 in the interbank during these days.

Dealers said that the exporters have also started unloading their huge stocks of dollar in the market fearing further decline as indicated by the market trend during last few days and, as such, with the improvement in the supply of dollar it eroded by paisa 56 to peg at Rs106.50 in interbank.

On the other hand, commercial banks have extended the government a loan of $600 million for the international payments on account of crude imports, which has also provided some stability to the value of rupee.