The value of the rupee saw a massive increase in the open market on Thursday as one dollar was selling for Rs290 around midday. However, the USD regained some footing in the market and is currently trading at Rs298

The value had reached Rs311 but saw a sharp decline as trading began on Monday. However, money changers said that it was ‘historic’ that a drop of Rs21 had occurred in a single day.

The gap between the open market and interbank rate has decreased but continues to persist, with dollar trading for Rs 285 in interbank.

The massive change comes after the State bank announced on Wednesday that all transactions made through credit cards involving foreign currency would be made based on the official interbank rate.

Many consumers had faced uncertainty when their card transactions, such as shopping purchases and airline tickets, were being made on the open bank rate, which was at times almost Rs30 higher than the interbank rate.