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The Continued Recovery of Rupee Against Dollar in Interbank

The Pakistani rupee gains against the US dollar in interbank market.

According to the Forex Association of Pakistan (FAP), the currency is locally being traded at Rs225.45, after gaining Rs1.84 against the greenback during intraday trading in the interbank market.

The banks were selling US dollars at Rs225.90. Meanwhile, the US dollar was being traded between Rs227 to Rs229 in the market that is open the FAP added.

The rupee that is Pakistani has been recovering for the seventh consecutive session after falling close to an all-time low of Rs239.94 on Sept 22. The local unit gained 11.2 rupees or 4.9% against the dollar in the interbank market week that is last.

A day earlier, the rupee extended its gains against the dollar for the seventh session that is consecutive. The currency that is local at Rs227.29, up Rs1.16 or 0.51 percent from last Friday’s close of Rs228.45.

It is pertinent to mention here that the new Finance that is sworn-in Minister Dar had said strengthening of Pakistani rupee value would be his top priority and no one would be allowed to do manipulation the exchange rate.

 

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