Rupee rises further to 99.70 per dollar

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06

 

The value of rupee continues to rise against US dollar. 

In the inter-bank market‚ the rate of dollar has lowered to 99.70 rupees, Dunya News reported on Tuesday.

Foreign exchange dealers said the rupee gained impressively by one rupee and 76 paisas against the greenback in early morning trade in the open and interbank markets.

Banking sources said exporters had started saying that exports would fall with the massive appreciation of the rupee.

Earlier on Monday, the rupee ended higher at 101.00/101.10 against the dollar compared to Friday’s close of 102.85/102.95.

It may be pointed out that in the last three months, Pakistani currency gained around 5 percent against the dollar recovering from the historic lows of 108.65 to a dollar in the first week of December 2013. The rupee lost a whopping 9 percent versus the greenback in the first six months of the current fiscal year.

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