Rupee weakens against Dollar
Worsening political condition of the country negatively affect the currency market, as rupee declined versus the dollar exceeding above Rs. 99 in the interbank on Monday.
During the trading, rupee went as high as Rs. 99.70 but after the intervention of central bank, rupee stabilized a bit. Consequently, the rupee closed at Rs.99.27 in the interbank.
In contrast, the rupee’s value remained better in open market where it didn’t show much depreciation versus the dollar and was bought for Rs 98.90 and sold at Rs 99.20.
According to currency dealers, currency market started affecting after the crash of Karachi Stock exchange as exporters stopped selling while importers started excess buying of dollars.