Rupee is back up – Dollar being traded at Rs.115

0

According to Open Market Exchange companies, the Dollar has significantly lost value against Rupee. Before the general election Dollar was seen trading at Rs.130/$ but post general elections the Rupee has significantly gained value and is now being traded at Rs.115/$ in open market. This gain in value is yet to be seen at Inter-bank rates which is said to be hovering above Rs. 120.

There is also the speculation that the Dollar will further loose value as investors and market has showed confidence in PTI’s mandate. If the trend continues we might see dollar stabilizing something between Rs. 115 to 120. But this doesn’t take away the challenges faced by the next government as looming bail out from IMF can take Rupees even higher than Rs. 130 back again.

Local reports also suggest that the reason for this downward trend in Dollar’s value is because of China’s commitment to grant $2 Billion loan to Pakistan to keep its reserve afloat. According to news sources $1 billion has already been received  and the next $1 Billion will be granted soon. China’s loan can bring in short term relief to the government after they take charge but with growing imports and declining exports the next government will have to act fast and devise a new policy to tackle this issue.

There’s a video message from a Local Open Market representative that is going viral on social media which says that even at Rs. 115 there is no buyer for Dollars. Meanwhile they can see sellers getting anxious to sell off their dollars. He further added that they predict the value can go even at Rs.105/$.

 

Ad