KARACHI . A US dollar on Wednesday witnessed major decline against the rupee in the currency market.
Wednesday’s gain by the rupee has brought a good news for the local market as well as trading and businesses centers which had direct negative impact on the business and industrial activities due to huge depreciation of the local currency .
After taking hit for many weeks and losing value massively . the rupee started to appreciate against US dollar on Friday last.
With the start of the existing week, the rupee bounced back in a big way . In the last three days , the rupee has gained its lost value by Rs 9.58. The market trend indicates the rupee will keeping appreciating against US dollar in coming weeks .
The local currency gained 9.58 rupee in open market in single day.
Its interesting that US dollar value equalised at 228.80 to a dollar in inter bank and open market at the closing of the trading session at closing of the currency market on Wednesday
Forex Dealers Association of Pakistan (FDAP) chairman., Bostan Khan , told NEWSMAN by phone on Wednesday that the rupee appreciation is a good indication for Pakistan and its currency as it will end up depressive mood in the market , besides restoring confidence of the people in local currency . Mr Khan added that US dollar appreciated in the last couple of weeks on rumours and panic that ruled the currency market. He appreciated the government for discouraging imports in July this year and it worked a wonder to stop losing streak of the local currency . Bostan Khan also appreciated the role of the army chief , Qamar Javed Bajwa , who personally intervened by approaching the US officials to expedite the process of the International Monetary Fund (IMF) to release its tranche of $ 1.2 billion . He said the government policy of avoiding unnecessary imports and hoped that it will help ease up pressure on the rupee to bring back to its actual price .
Mr Bostan Khan claimed that the rupee can gain its actual value of 180 or 185 a dollar .