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Weekly review: Dollar emerges firm against Pakistani rupee

Weekly review: Dollar emerges firm against Pakistani rupee

LAHORE: The US dollar gained 20 paisa in inter-bank and open markets during the weeklong trading from Monday to Friday.

As per detail, the value of dollar in inter-bank market was 101.5 on Monday and 101.7 on Friday, while, in open market its value was 101.85 on Monday and 102.05 on Friday, which shows 20 paisa decrease in rupee value in both markets.

The US dollar lost 30 paisa against Pakistani rupee on Monday in inter-bank transactions despite the situation worsened in the federal capital where protesters had been trying to enter the Prime Minister’s House and police had tried to stop them.

On Tuesday, however, the US dollar reaches Rs 102.2 in the inter-bank market on Tuesday as supporters of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan and Pakistan Awami Tehreek (PAT) chief Dr Tahirul Qadri marched towards the Prime Minister’s House, intensifying the situation in Islamabad.

The US dollar strengthened 10 paisa against rupee in inter-bank market to reach 102.3; however, it sheds 10 paisa in the open market to reach 102.4 on Wednesday.

The US dollar, on Thursday, weakened against the Pakistani rupee after consecutive gains in three days in inter-bank market as opposition parties in the assembly are making frantic efforts to break the deadlock after negotiating with protesting parties.

US dollar has weakened 10 paisa against rupee in inter-bank market to reach 102.2 and lost 65 paisa in open market to reach 101.75 on Thursday

The Pakistani rupee strengthened against the US dollar in inter-bank market as it adds 50 paisa on the last trading day of the week. Although, the US dollar has strengthened 30 paisa against rupee in open market to reach Rs 102.05 in open market and it lost 50 paisa in inter-bank to reach Rs 101.7 on Friday.

Economic experts analyzed that a major political stakeholders demonstrated their support to protect parliament and democracy, however, the 22-day long sit-ins and political unrest has shed negative impact on the economy of Pakistan.

Moreover, the federal government, in a report submitted to the Supreme Court, claimed that 22-day sit-ins and political standoff cost Rs 547 billion to the national exchequer.