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The value of the United States dollar has equalized in both the interbank and open market on Friday, with the greenback taking a significant hit in recent days.
As the dollar depreciated by Rs3 in the open market, it now stands at a staggering Rs303, effectively bridging the gap between the interbank and open market rates.
The depreciation of the dollar has been particularly pronounced in the interbank, where its value plummeted by Rs1.84 to reach Rs303.10.
This difference has historically played a crucial role in stabilizing currency markets, but recent events have seen it reduced to less than half a percent, a far cry from the International Monetary Fund’s (IMF) target of 1.25%.
