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Rupee slides slightly against dollar

Rupee slides slightly against dollar

 

LAHORE: The traders and finance experts were expecting that with the setting up of new government, local currency rupee slide down trend would not only stop but after taking bold steps by incumbent government for the revival of country’s economy, rupee would be strengthened but all hopes have, so far, been faded since rupee is melting down further with the passage of time.

The local currency which was earlier, firmed and was being sold under 100 against a dollar has now been selling at Rs 104 against greenback in the open market because of slow GDP growth and menace of insurgency across the country.

On Tuesday, rupee shed 18 paisa in relation to the dollar for buying at Rs 103.40 and it also lost 23 paisa for selling at Rs 103.43, said a Lahore-based dealer seeking anonymity.

It is a good omen that gap between selling and buying of greenback in the local market has been reduced significantly because of incumbent government measures. However, it is the need of the hour that government should take measures to keep foreign reserves rise so that traders and investors do not feel panic and avoid sending greenback abroad through illegal means.

The rupee lost 20 paisa for buying and selling at Rs 103.50 and Rs 103.70 while rupee lost 100 paisa versus the euro for buying at Rs 137.50 and Rs 137.75, he claimed.

He further said that the dollar’s demand remained intact for another day in Lahore that kept the local currency under pressure. The dollar was ended higher at Rs 103.30 and Rs 103.60 as its buying and selling rates against Rs 103.00 and Rs 103.50 of Monday, respectively.

Similarly, the rupee also maintained downward slide and was depreciated against the British pound. The pound’s buying and selling rates were further improved from the day earlier closing of Rs 158.50 and Rs 159.30 to Rs 160.50 and Rs 161.50, respectively, he added.

The dealers are hopeful that as soon as International lending agencies including IMF would pour dollar in State Bank’s account, the situation would likely to get better and the local currency might be sold under 100 against dollar in the open market.