Karachi: Rupee gained strength in inter-bank and open market reached at all time high level of 94 during intraday whereas it closed down at 93.20 and 93.90, dealers said.
High demand of the dollars was witnessed in the currency market after its trade was seen brisk, Dealers said. The purchase of dollars was seen on the rise in the local currency markets mainly for the imports of crude oil, palm oil, raw material and different commodities.
The rupee will likely to set new records in the next financial year on the pressure of macro-economic indicators, they added, however the central bank will keep trying to resist its free-fall and maintain rupee level under control.
The weak economic fundamentals including widening current account deficit and excessive government borrowing from the central bank were the chief reasons for depreciation. While these factors continue to remain intact, the principal repayments for IMF Standby Program have aggravated this situation, especially due to absence of foreign flows.
The rupees’ forecast is nearly 100 against the dollar by the end of 2012.
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