SBP Measures: Dollar Down Against Rupee

KARACHI: After the measures taken by the State Bank of Pakistan and the news of investigation against speculation in money market, a recovery in the rupee value against dollar is being witnessed today.

According to FOREX market dealers, a recovery in the value of rupee is being seen today after the continuous downward value of the currency for the last two days and dollar after a decline of Re 1.40 is now being traded at Rs82.50.

Dealers said that any possibility of the central bank’s intervention in market cannot be ignored.

As per dealers, a decline in demand of dollar is being witnessed today also due to an announcement again by the central bank not to freeze foreign currency accounts and the news that investigation is being carried out against speculators in money market.

Moreover, the expectations of new investment from China following President Zardari’s visit to China may also be the cause of recovery in the value of rupee.



NEWS BY GEO TV