Dollar in open market falls by 4.22 rupees

Dollar in the open market dipped sharply by Rs 2 amid expectation that the new government would take tough measures against corruption.

Dollar in open market slipped below inter bank market level of Rs 124.86, which also shed around 25 paisa.

According to a leading money changer speculators foresee that there is a little chance that dollar would climb to new highs in short term. A selling spree was witnessed at the money changers and there were no buyers and only sellers.

Dollar in open market moved down by Rs 4 to close at Rs 124.50. Since Monday, dollar at the open market has come down by Rs 4.50 while in the inter bank market down by 62 paisa.

There were speculations that the new government would ask support from friendly countries, donor agencies and even financial institutions to bail out the economy from the present gloom.