Dollar continues to weaken, reaches Rs148.5 in open market

The rupee continued to gain strength in the currency market on Friday as the value of the US dollar slid in the interbank as well as the open market, a private media outlet reported.

The greenback shed its value by Re0.35 in the interbank and was traded against Rs148.15. Similarly, the dollar shed its value by Re1 in the open market to be traded at Rs148.50.

According to currency dealers, the increasing inflows of remittances in connection with Eidul Fitr have supported the local rupee in the market. They said the majority of inflows came from Saudi Arabia and other Gulf countries, including the United Arab Emirates (UAE).

Forex Association of Pakistan President Malik Bostan said that trading in the interbank generally affects trading in the open market. He also expressed his optimism that the greenback will further shed its value in the open market if its value continues to slide in the interbank.

Bostan said he hopes that the State Bank of Pakistan (SBP) will continue to follow up on the strict measures it had introduced in the money market against the unnecessary purchase of dollars to discourage those illegal practices by banks and importers.

On Thursday, the value of the US dollar decreased by Rs1.70 in the interbank market. The greenback settled down at Rs148.70 in the interbank market. The decline had also dictated the open market, forcing the dollar to shed its value by Re0.50 to Rs149.50.

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