KARACHI, Pakistan (Web Desk) — By midday on Wednesday, the US dollar had lost another five rupees versus the local currency and was available for Rs295, resulting in a net gain of Rs10 over the previous two days.
On Tuesday, the rupee gained Rs5, closing the day at Rs300 on the open market. However, in interbank trade, the local currency had lost 34 paisa.
On the other side, the rupee gained ground in interbank trading on Wednesday, with the exchange rate reported at Rs287.25, up from the previous close of Rs287.97 at the time this story was prepared.
It implies that the price differential between the official and open markets is currently just over seven rupees, which will discourage both stockpiling and illicit selling.
This much-appreciated string of gains On Wednesday, Exchange Companies of Pakistan Chairman Malik Bostan advised people to sell their dollars, predicting that the rupee would continue to rise against the greenback and that gold would fall in price.
