KARACHI - The US dollar suffered a major blow in the open market soon after the announcement of the resignation of President Pervez Musharraf. The Pak-rupee edged up by Rs 1.65 against the US dollar in the open market on Monday and closed at Rs 75. Last week the dollar-rupee parity had closed at Rs 76.35, after crossing Rs 77 on Friday. During the past couple of months this was the first time that the US dollar had sustained a major blow at kerb and in the open market operations in Pakistan, dealers said. The US currency was steadily gaining against rupee during the past few weeks amid speculations and manipulations by the market forces, they said. In June this year the dollar-rupee parity was below Rs 63, but it soared to over Rs 77 last week amid growing political chaos in the country. Dealers said the rupee could further edge up against the US dollar as the clouds of political uncertainty have vanished after the resignation of controversial President of Pakistan. On Monday the American currency commenced new day's trading at Rs.76.45 paisa in the open market. But the dollar-rupee exchange rate dropped to Rs.75 at the close of markets on Monday due to the resignation of the President of Pakistan. Thus, rupee recovered Rs.1.64 paisa versus dollar in the open market. Meanwhile, in the inter-bank operations the US dollar started new day's trading at Rs.76, but it shed significant ground and closed at Rs.74/00. Rupee witnessed significant versus greenback in the interbank dealings. According to a forex expert, for the last three months, the speculators cum manipulators had been making decisions using conjectures rather than analyzing currency market technical factors and economic fundamentals. "The positive price movement reported on Monday was much influenced by the news and media reports that President Musharraf was going to address the nation and he would tell the nation about his decision that was not unexpected event for the forex traders and investors. They had planned to give "U" turn in the case of any surprising development occurrence that's why investors stopped to buying dollars but began to sell the American currency which consequently made the price movement upward", currency dealer analyzed. Now there is a room for risk-free sentiment in the forex market which will definitely appeal the genuine investors to trade into but restrict the speculators for making negative sentiments whereby rupee declined by 5 percent last week. Economic experts found that despite achieving high growth rate in 2006-07 the resigned President's last months were clouded by financial worries and turmoil which had adversely affected the local capital markets. However the six million question is, how long the positive bullish trend witnessed in the equity and liquidity markets resultant former President Musharraf resignation would act to support our foreign exchange regime and stabilize national currency against the US dollars and other major currencies. Will the growing economic crises go to end or the said development will also give a way to further cosmetic financial reforms to be introduced once again? It is to be noted here that globally, the Forex market is so large and is composed of so many participants that no one player, not even a large government, can completely control the long-term direction of the market. So, many experts have called Forex the "most level playing field" on earth.