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Rupee continues to rise against Dollar

KARACHI:  An unprecedented rise continues in the value of rupee against Dollar gaining value in both open and interbank market, ARY News reported.

The rupee went up sharply against the dollar, depicting a net gain of Rs. 2.30 declining to Rs.101.40 in the Inter-bank market. 

Similarly, in the open bank market the rupee followed the same pattern in relation to the dollar and strengthened to Rs.101.50 after the decline of Rs. 1.50.

Some experts said the rupee strengthened versus the dollar on the back of higher-than-expected remittances, on the other hand there was no big payment, which aided the local currency to look ahead.

According chairman of Forex Association of Pakistan (FAP), Malik Bostan, the rupee recovered approximately Rs.4 versus the dollar, during the last one week.

He said that rupee may gain further ground as a result of release of export proceeds in the coming days and it seems Federal Finance Minister Ishaq Dar's claim for the bringing the dollar rate down to 1998 level will become reality soon.                      

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