Dollar up 18 paisa as govt fails to deliver promise of reversing depreciation

The US dollar continues to dominate the local currency as the rupee lost another 18 paisa against the greenback on Monday, with the government unable to fulfil the promise of controlling and bringing down the exchange rate to below Rs200 level.  

By the time the trading was closed, the interbank exchange rate for dollar was Rs225.82 against the value of Rs225.64, representing a 0.08 depreciation.

This depreciating trend is an obvious result of the rising economic uncertainty, weak fundamentals, and political upheaval, despite the tall claims made by Finance Minister Ishaq Dar and stance that the actual value of US dollar is well below the Rs200 mark.

Among other reasons, Dar is citing smuggling of dollar to Afghanistan as the cause behind the shortage of greenback in the market.

On the other hand, the dollar was available for Rs232.20 to Rs234.52 in the open market as the difference of price in comparison with interbank trading persist due to the black market which is offering much higher rate to the buyers.

Meanwhile, the currency remained unchanged when comes to the pound sterling as the day’s closing quote stood at Rs272.27.

But the local currency weakened by 14 paisa against euro which closed at Rs239.87 in interbank trading on Monday.

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