Rupee Recovers 50-Paisa Against Dollar – Research Snipers

Rupee Recovers 50-Paisa Against Dollar

rupee recovers

The rupee has recovered 50-paisa against the dollar and has reached Rs.159.59 in the interbank market on Wednesday.

It followed the same trend in the open market, gaining 55 paisas.

Earlier, the rupee closed at Rs.160.58 in the interbank market.

The interbank rate is the standard rate for determining the value of the US dollar and sets the direction for open market rates. Since the open market or cash market rates usually remain higher than the interbank rate, the open market is possible to follow the same trend.

Also Read: Signal System Malfunction Causes Trains to A Standstill

The dollar has been closely watched by both the end-users and the traders, remaining active throughout during the tenure of the present government starting from August 2018.

The change of practise resulted in a change of policy whereby the central bank left the rate of the dollar to the force of demand and supply against the past practice of hanging.

The dollar was being traded at Rs.124 when the government of Pakistan Tehreek-e-Insaf was sworn by but has increased by more than 30percent since then.

More Read: Buraq Cab Service to Launch in 6 Cities on 10th August