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Due to different scope of business and demand-supply dynamics in the interbank and open markets, the US dollar rate differential exists between both the markets.
The index also clocked its worst week of 2023 last week, after data showed U.S. inflation subsided further with consumer prices registering their smallest annual increase in more than two years, taking pressure off the Federal Reserve to continue raising interest rates.
Currency hovers at 281-282 level in inter-bank market
Currency depreciates for third successive session in inter-bank market
The banks allegedly traded dollars at excessively high rates, disregarding the fixed rates set by regulators