300 rupees to one dollar in Pakistan, 83 in India

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- Spring-like rise in rupee: Dollar, British pound, euro, Japanese and Chinese currencies fall rapidly

- The Indian rupee is rising against the dollar as the dollar inflation increases in the currency market in various ways in the country

Mumbai: The minutes of the recent meeting of the Reserve Bank's Monetary Policy Committee, which is scheduled to be released on Thursday (today), were also in the market's eye. Meanwhile, India's rupee is rising against the dollar, while on the other hand, Pakistan's rupee is tumbling against the dollar, reaching close to Rs.300. Meanwhile, in the world market, however, the dollar's global index rose 0.31 percent against various major currencies today. The global index of the dollar was indicated to be higher today at 103.90 to 103.89.

Pakistan's economy has collapsed. Exports from Pakistan have decreased and there has been a recent retreat in the foreign exchange reserves of the forex reserve and as a result the Pakistani rupee has been continuously depreciating against the dollar. World market experts said that the rupee continued to fall.

In the Mumbai currency market today, the price of the dollar continued to fall sharply against the rupee. After opening at Rs.83.00 this morning at Rs.82.94, the price of the dollar rose to a high of Rs.83.02, then fell sharply to a low of Rs.82.68 and finally closed at Rs.82.69.

The rupee has risen significantly against the dollar in two days. Today, the rupee increased by 0.03 percent. In the currency market on Saturday, the price of the dollar fell against the rupee and reached a high of Rs.83.23 in the private offshore deal, and then the price of the dollar continued to fall in the currency market, today the price dropped to a low of Rs.82.68 to 82.69.

According to currency market experts, dollar inflation has increased in the country due to rising stock market and various IPOs in the primary market, and as a result, the rupee has seen a rapid rise as the price of the dollar came under pressure. Market sources said that today's one-day rise in the rupee is the biggest one-day rise in the past two months.

According to the discussions in the currency market, various government banks and foreign banks have been selling dollars in the market for two days and due to this, the rupee saw a spring like rise. Some government banks have been told by the Reserve Bank not to take new arbitrage positions in the non-deliverable forward (NDF) market. And due to that, there has been a positive impact on the rupee in the currency market.

In addition to IPOs, dollar inflow has increased in the currency market through QIP qualified institutional placements.

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