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Action Against Exchange Companies, Dollar Falls to 2 Month Low

Dollar continue to depreciate against Rs in interbank & open market.

According to the weekly currency report, due to the crackdown on dubious sectors involved in illegal activities, the dollar continued to depreciate, the rupee strengthened by 1.38% against the dollar’s. The difference between the interbank and open rate of the dollar further decreased to 0.09 percent.

Fears of a crackdown prompted markets to sell the dollar’s this week, as speculation ended, sending the dollar’s interbank rate to a seven-week low and the open market rate to an 11-week low. .

The rupee strengthened due to strict supervision and operations of money changers, exchange companies. The dollar’s, pound, euro, dirham and riyal continued to depreciate in weekly trading.

This week, the value of the dollar’s decreased by 4.03 rupees to close at the level of 287.73 rupees in the interbank market. In the open market, the value of the dollar’s decreased by 3.50 rupees to 288 rupees.

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