Pakistani Rupee appreciated by 0.68% against US Dollar

KARACHI: US Dollar shows continuous downward trend by losing its value against Pakistani rupee since last week of July 2018. This US dollar trend creates a positive pitch for Pakistani rupee as it appreciates resulting in ample inflows of US Dollars.

It is observed that US dollars buying and selling rate has massive difference, almost the difference is up to Rs16.

On Tuesday, the open market dealers were trading US dollars in the range of Rs108 to Rs122 (buying) and the selling was done at Rs122 to Rs124.

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On the other hand, the State Bank of Pakistan (SBP) declared that the Pakistani rupee has auxiliary appreciated by 0.68% (or Rs0.86) to Rs124.18 against the US dollar in the inter-bank market.

The Pakistani rupee till date has recovered by almost 3.36% in the past seven days from Rs128.5 on Monday last week. However, previously it has experienced depreciation by almost 22% of its value since December 2017.