The dollar is looking for new destinations against the rupee, after hitting Rs 118.50 on the open market on Saturday, opined money experts. Rates of dollar went up on high demand by intending Umrah pilgrims and investors, President Malik Bostan said.
Commenting on the jump in dollars' demand, he observed that investors are in dilemma after the announcement of the Amnesty scheme, which according to him, requires clarity. The government should make the things clear in the Amnesty Scheme, he remarked.
Some marketmen were of the opinion that the short supply phenomenon of the greenback prevailed throughout the day, causing 40 paisas decline in the value of the rupee at Rs 118.20 in terms of the dollar. They observed and said it is interesting to note that how far the national currency will sustain its present levels against the dollar in the inter-bank market?
A sharp decline in the country's foreign exchange reserves is not a good sign for the economy, they said. Very much dependence on imports and falling trend of exports were the main discouraging factor in the way of earning the foreign exchange reserves, they said.
Recently, Adviser to Prime Minister on Finance Miftah Ismail has said that Pakistan did not see any further devaluation of rupee in near future.
"During the last four months the national currency devalued for twice-firstly in December by five percent and then in March by five percent-due to rapidly growing trade deficit," Ismail said in an interview with Bloomburg media group on Saturday.
The Finance Adviser is currently visiting Washington DC to attend the World Bank and the International Monetary Fund (IMF) annual spring meetings.
In the final New York trade, the US dollar rose to a two-week high against a basket of currencies on Friday on rising US yields, while sterling extended a decline in the wake of dovish comments from the head of the Bank of England.
The euro fell to a two-week low versus the dollar, for its biggest weekly drop in two months, as investors trimmed record high bets before a European Central Bank meeting next week where policymakers are largely expected to signal no change in policy.

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Open Bid       Rs.117.80
Open Offer     Rs.118.20
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