Daily Times

On Saturday, the current rate for US Dollar stands at Rs284.31, as the interbank exchange rate saw nearly Rs4 rise during the past week.

In the second week of October, the dollar’s interbank rate had dropped to Rs276.83, a significant decline from the highest level of Rs307.10 seen at the beginning of September.

According to State Bank reports, at the end of the previous week, the interbank exchange rate for the dollar was at Rs280.57. During the past week, the dollar saw an overall increase of nearly Rs4. Economists and financial experts are not certain if this increase is due to any specific conditions imposed by the International Monetary Fund (IMF). However, they mention that in the past, the rupee’s value has been adjusted in response to IMF recommendations. According to sources, the recent surge in the dollar’s value is attributed in part to banks that have created an environment in which importers were informed that the dollar was in short supply, as exporters had halted selling their dollars.