US Dollar nose dives further against rupee by Rs1.5 in open market
LAHORE MIRROR (Monitoring Desk) – The US dollar on Saturday continued to lose its value against rupee while dropping further by Rs1.5 in open market. The strengthening of Pak rupee is being linked with the strict watch of the State Bank of Pakistan.
In a week or so, the rate of dollar has reached Rs125 after dipping by Rs6.50.
The Forex Dealers Association says that the confidence of business community restored due to peaceful elections and occurrence of possible PTI government in the country.
The individuals involved in dollar stocking also prefer its sale.
At least four million dollars have been sold in open market from Friday till date which can further decline the rate of dollar, added the association.
According to a leading money changer, speculators foresee that there is a little chance that dollar would climb to new highs in short term. A selling spree was witnessed at the money changers and there were no buyers and only sellers.
There were speculations that the new government would ask support from friendly countries, donor agencies and even financial institutions to bail out the economy from the present gloom.