Home Business Dollar gains Re1 to reach Rs153 in open market

Dollar gains Re1 to reach Rs153 in open market

A Pakistani dealer counts US dollars at a currency exchange shop in Karachi on November 30, 2018. - Pakistan's rupee plunged almost five percent to a record low on November 30 after what appeared to be a sixth devaluation by the central bank in the past year as the country struggles with an acute balance of payment crisis. (Photo by ASIF HASSAN / AFP)

The value of the US dollar against the rupee continued to strengthen, with the greenback reaching Rs153 in the open market on Thursday afternoon.

The US dollar climbed Re1 each in the interbank and the open market. Its value strengthened to Rs152.95 in the interbank market.

Currency dealers held the financial year end responsible for the situation.

According to dealers, dollar flight has increased because multinational companies are taking profits out of the country as the book closing date — June 30 — is approaching.

As a result, they said, demand for the greenback has increased, putting the interbank market under pressure, whereas the open market is just following suit.