Rupee goes up sharply against the dollar
KARACHI: The rupee gets the strength against the dollar on the money market on Thursday declining to the lowest price of last seven months, ARY news reported.
The rupee went up sharply against the dollar, depicting a net gain of one rupee declining to Rs.103 in the open market.
In the Inter-bank market the rupee followed the same pattern in relation to the dollar and strengthened to Rs.103.35.
While sources are claiming that it will soon fall to Rs. 100.
According to sources, better-than-expected rise in remittances and absence of major payment helped the rupee to get strength against the dollar.
Some experts said that local currency's surge versus the dollar narrowed the difference between the open and interbank market rates.
Analyzing the response of rupee against dollar, it seemed that Federal Finance Minister Ishaq Dar's claim for the bringing the dollar rate down to 1998 level will be witnessed soon.