Dollar buying in open market surges amid further speculation – Research Snipers

Dollar buying in open market surges amid further speculation

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The Rupee hit all-time intra-day low on Thursday reaching Rs125.50 to a US dollar in the open market. The speculation of further depreciation of Rupee pushed heavy buying if the greenback, according to currency exchangers.

The Rupee closed for Rs125 to a dollar for the second consecutive day but it keeps pushing up during the intra-day which suggests the dollar will surge even further in the coming days.

DollarEast Exchange a currency exchanger told reporters, “The dollar was selling at Rs124.50 this morning, the number of sellers was higher than the buyers, later the situation was changed entirely, and the number of buyers toppled the number for sellers in the second half of the day.”

Despite the fact that rate remained stable in the inter-bank market throughout the day, the rupee-dollar exchange rate moved in the open market. The Rupee closed at Rs121.46 against US dollar in the inter-bank market on Wednesday. The State Bank of Pakistan (SBP) didn’t change the rate until late Thursday.

The currency exchangers were making fortune by selling the greenback at a record high price due to increased demand in dollar buying. The historic high of Rs4 as compared to inter-bank exchange rates, the currency dealers were all good to sell dollar at the higher price on Wednesday.

The Exchange Companies Association of Pakistan (ECAP) called upon the situation to control the rupee-dollar at some stable point in order to keep the market flow stable as the inter-bank market rates largely remained stable the entire day.

The general secretary ECAP, Zafar Paracha said, “We has decided to sell the greenback at Rs124.50 voluntarily in open market, subject to stability in the inter-bank market. “We are also aimed at maintaining the rupee-dollar rate to stay at Rs122 in the open market”, he added.