After more than a month, dollar succeeded to cross Rs99 in both inter-bank and open market on Monday.
With the beginning of Ramazan, dollar fell to below Rs99 and most of the time kept hovering around Rs98.50.
However, for the first time in 40 days, the US currency gained strength to cross Rs99.
“The dollar gained up to 75 paisa, and was sold as high as Rs99.35 in the inter-bank market on Monday,” said Atif Ahmed, a currency dealer in the inter-bank market.
He said the market was panicky due to high demand of the US currency which increased its price.
“But I believe it has no connection with political situation in the country, instead large payments to IMF and oil payments pushed up the dollar price,” said Mr Atif.
The government had to pay $147 million to the IMF as repayment and debt-servicing while $100m was also required for oil payments.
