A surge in supply and falling demand pushed dollar in the open market to 149.50 which is 50 paisa less compared to Friday. In the interbank market, the dollar traded at Rs149.60 as compared to Rs-150.90 in the last session on Friday, a decline of Rs-1.30.
Main reasons for this appreciation are;
Inflow of remittances from overseas Pakistanis ahead of ‘Eid
Shrinking demand locally as the State Bank has tightened rules and regulations for opening letters of credit for imports.
Rupee value appreciated four rupees against dollar during last week and it is likely that dollar value will go down another three to four rupees in coming weeks.
Following are closing exchange rates on 27th May 2019;
|CURRENCY||LOW RATE||HIGH RATE|
|US$ (Open Market)||148.50||149.50|
|Hong Kong Dollar||18.51||19.01|
Exchange rates 28th May 2019