US dollar traded at Rs150.22 in interbank market

Published May 29, 2019
The value of the US dollar remains stable at Rs150 in the open market. — AFP/File
The value of the US dollar remains stable at Rs150 in the open market. — AFP/File

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.

Read: Ramazan inflows arrest rupee’s fall

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.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.