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Dollar gains 90 paisas against rupee

Foreign reserves have reached just $10.308 billion. Source: Pixabay.
KARACHI: The currency market once more experienced volatility with the dollar gaining 90 paisas to lastly shut at Rs 167.9 in the inter-bank market on Tuesday.
This represented a 0.545 per cent increase over the greenback’s opening rate of Rs 167. Meanwhile, rates provided by the Exchange Companies Association of Pakistan on Tuesday demonstrated a steeper ascend as the dollar rose to Rs 168.5, up from Monday’s closing of Rs 167.2, a gain of Rs 1.3 overnight.
Currency sellers did not identify to anything especially that impelled the movement in the exchange rate on Tuesday.
The rupee’s descending slide began almost a month ago on 6 March 2020, after holding balanced for almost half a year, when the greenback harshly jumped by Rs 3.65 in the inter-bank.
Since then, the dollar has gained 8.88pc or Rs13.7 over its 6 March 2020, rate of Rs 154.2. Former general secretary of ECAP Zafar Paracha said “Nothing new as such happened, and it is more of a continuation of the events of the past one month or so.”
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