Rupee sheds more value against powerful US dollar in interbank

KARACHI: In its relentless rally against the continually weakening local rupee, the greenback has further gained in interbank trade on Wednesday and closed at Rs171.13, ARY News reported.

In the interbank trade, the rate at which banks carry out transactions of dollars, the US currency gained Rs0.9 value over rupee and closed at Rs171.13 that is slightly more than yesterday’s closing.

The rise in interbank rates automatically means the rise of open market foreign exchange (forex) rates that are generally higher than the former anyway.

Dollar crusade continues against weak rupee in interbank

Earlier yesterday, it was reported that the greenback surge against rupee continued in the interbank trade as the U.S. dollar hovers around the historic peak it covered earlier last week with current Rs171.7 standing.

The dollar value increased Rs0.34 against Pakistani rupee during the interbank trade today taking it close to Rs171.25 height it scaled the past week.

Markets fret over soaring inflation, energy crunch

However, the markets worldwide have reported routing as World stock markets wavered after investors fretted over a brewing energy crisis, soaring inflation, signs of a slowdown in the global economy and an end to central bank financial support.

In afternoon trading in Europe, stock prices were all lower in London, Frankfurt and Paris while Asian markets closed down.

But on the other side of the Atlantic, Wall Street was in positive territory.