Rupee gains in open market

The rupee posted minor gains in the open market on Thursday after the dealers decided to fix the price of the dollar on daily basis.

The rupee recovered to close at 118.20 for buying and 118.70 for selling, higher from Wednesday’s closing of 118.50/118.90.

The rupee hit an all-time low of 119.50 in an intraday trade on Wednesday. It ended firmer at 115.61 against the dollar in the interbank market. The exchange companies, in an urgent meeting, decided that the rate of US dollar would not exceed from Rs118.40 for purchase and Rs118.70 for sale.

It also advised all the companies to follow the same strictly. In case of violation, the dealers would be penalised in the first instance, if found repeated, the case would be referred to the State Bank of Pakistan by the Exchange Companies Association of Pakistan and Forex Association of Pakistan.