The local currency dropped . per cent in the interbank market to close at Rs. against the greenback . In the open market the dollar was being traded for Rs. around pm. Yesterday the rupee had closed at . against the dollar . Yesterday the finance division hiked the prices of petrol and diesel to a record Rs.
per litre and . respectively . It had said the two key fuels were raised because petroleum prices in the international market had increased during the last fortnight . Tresmarks Head of Strategy Komal Mansoor noted a real shortage of greenbacks in the market .
She emphasised that considering the limited forex reserves it seemed logical to devalue the . rupee . However, she added the currencies could not be left to the market forces and little management was required from the central bank especially in times of extraordinary volatility, especially in .
times of exceptional volatility . The prices of the fuel prices were raised to a maximum of around Rs.per litre in the last two weeks . It has been reported that the prices have been raised because of the international petroleum prices have increased in the past two months of the past fortnight .
The finance division said the prices had increased because of an increase in petroleum prices had been increased in international markets had increased in recent weeks . The price of fuel prices had also been increased by the increase in petrol and D-diesel prices in recent days.
It has also increased to an average of about six per cent to a total of about three per cent. in a month. It was reported that it has been increased to a significant amount of around six months. The cost of petrol, electricity and electricity has increased to around $1,000 per gallon.
