Dollar crosses Rs83 barrier

As anticipated by the money and forex market dealers, the US dollar edged over 83 on Tuesday against the local currency in the open market operations amid severe demand pressure of foreign exchange from importers and SBP decision of phasing out its provision to provide foreign exchange for imports of POL products from August 01, 2009. As per the details provided by forex dealers on Tuesday, the Pak rupee depreciated its value by Rs 1 versus dollar in currency trading.
The dollar-rupee exchange rate parity closed at Rs82.75 in the inter-bank market while it traded at Rs 83.30 in the kerb dealings due to rising demand of the US currency from the importers in the foreign exchange market.

The greenback started off today’s trading at Rs.82.45, continued to post gains amid high demand and was changing hands at Rs.83.00 at close of markets other day.According to another report, the US dollar was traded at Rs 82.90 for buying and sold at Rs 83.10 against the Pak rupee in the open market operations at the close of markets on Tuesday.Sources said the local foreign exchange market has become more volatile in the backdrop of SBP decision of shifting oil payments to the inter-bank market which will be resultant in weakening the value of rupee versus US dollar in the days to come.Moreover, according to the news sources server demand from importers has put enormous pressure on the local currency.