The US dollar crashed by a huge margin against the Pakistani rupee in openmarket on Thursday after State Bank of Pakistan’s permission for dealers tobuy dollars from the interbank market for credit card business.
The greenback nosedived by 11 rupees as it was now being traded at Rs300down from Rs311.
Exchange Companies Associatio General Secretary Zafar Piracha predictedthat the US dollar will lose more value in the open market in the days tocome. “Improvement in supply will also take the US dollar down in the openmarket,” he added.
Meanwhile, as uncertainty about the IMF loan programme continued to gripthe money market, the Pakistani rupee edged up against the US dollar in theinterbank business on Thursday.
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According to the information extracted from the forex dealers, the localcurrency was appreciated by 37 paisas against the greenback and wascurrently being traded at Rs285.10.
On Wednesday, the Pakistani rupee had sustained marginal losses against theUS dollar, depreciating by 0.04% in the interbank market. At close, thecurrency settled at 285.47, a decline of 12 paisas.
