KARACHI - As anticipated by the money and forex market dealers, the US dollar edged over 83 on Tuesday against the local currency in the open market operations amid severe demand pressure of foreign exchange from importers and SBP decision of phasing out its provision to provide foreign exchange for imports of POL products from August 01, 2009. As per the details provided by forex dealers on Tuesday, the Pak rupee depreciated its value by Rs 1 versus dollar in currency trading. The dollar-rupee exchange rate parity closed at Rs82.75 in the inter-bank market while it traded at Rs 83.30 in the kerb dealings due to rising demand of the US currency from the importers in the foreign exchange market. The greenback started off todays trading at Rs.82.45, continued to post gains amid high demand and was changing hands at Rs.83.00 at close of markets other day. According to another report, the US dollar was traded at Rs 82.90 for buying and sold at Rs 83.10 against the Pak rupee in the open market operations at the close of markets on Tuesday. Sources said the local foreign exchange market has become more volatile in the backdrop of SBP decision of shifting oil payments to the inter-bank market which will be resultant in weakening the value of rupee versus US dollar in the days to come. Moreover, according to the news sources server demand from importers has put enormous pressure on the local currency. It is important to note here that the State Bank had already shifted oil import payments of furnace oil to the inter-bank from February 01, 2009 ahead of pursuing a flexible exchange rate policy set under macroeconomic stabilisation programmes reserve targets. It is worthwhile mentioning here that SBP had made public the said directive this month which said that all purchases of foreign exchange related to the import of diesel and other refined products would be made by the banks from the inter-bank market with effect from 1st August, 2009. The central bank has further said it will continue to provide foreign exchange to the banks for import of crude oil only. It is pertinent to mention here that before the month of February, oil payments were being made directly through the central bank. Moreover, it may be noted that Pakistans exchange rate recorded only a gradual depreciation of 1.7 percent during April 2009 since 31 January, 2009. Although the rupee depreciated by 5.7 percent in nominal terms against the basket countries currencies between July-February, FY09, a high domestic inflation relative to the trading partner countries eroded Pakistans export competitiveness. The rupee appreciated by 3.6 percent in real terms during the same period. With the continuation of current trends in international exchange rates and relative stability in rupee, the importance of achieving low domestic inflation remains the most important objective.