The market witnessed a notable shift in the interbank exchange rate, with the US dollar surging by a substantial Rs1.03, thereby setting the new rate at Rs282.50 on Wednesday.
This change, reported by currency dealers, marked the third day of the business week and had a significant impact on the currency market.
At the close of the trading session, the US dollar had appreciated by Rs1.17, reaching a final value of Rs282.64.
Meanwhile, the open market experienced a similar trend, with the dollar gaining an additional Re1 and settling at Rs284.
Zooming out to the broader context, the interbank rate for the US dollar has seen an overall increase of Rs1.19 over the previous week.
This trend continues the upward trajectory observed over the past ten days in the currency market. To put it into perspective, the dollar’s value ascended by a remarkable Rs5.81 on the interbank market and an even more substantial Rs7 on the open market during these ten days.
This surge in the dollar’s value can be attributed to the growing demand for the currency and the relaxation of trading limits, as highlighted by currency brokers.
These dynamics are contributing to yet another round of price increases, further impacting the exchange rates.
