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Dollar hits 113 rupees in open market

Dollar in open market recorded substantial gain on the central bank ruling curbing imports of dollar from the exchange companies.

Dollar in the open market hit 113 rupees on back of the last week ruling where by exchange companies could only import around 35 percent against the surrender of small foreign currencies while 65 percent to be managed by the banks.

According to exchange dealers, arranging dollars by banks taking three to four days which created pressure on the rupee, moreover the United States President statement and political hustle bustle also created pressure.

However, a senior exchange dealer said that if the central bank revert the decision and allows exchange companies to import dollars against the small currencies, dollar will dip against the domestic currency.

Main factor which failed to trigger any alarming bells was that at the interbank the movement of greenback has been quite narrow.

During the preceding week, the interbank moved in band of 110.48 to 110.52 while on the first day (Monday) of the new week it finished around Rs 110.56, showing a small rise of four paisa.

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