Rupee recovered by Rs2 against US Dollar in inter-bank market

LAHORE: The Pakistani rupee partly recovered by almost further Rs2 against the US dollar, and stood at Rs133 in inter-bank market on Friday, for the second consecutive day.

It is observed that the bounce back of Pakistani rupee is an impact of Beijing welcoming Saudi Arabia as a fresh partner in the mega project of China-Pakistan Economic Corridor (CPEC).

According to the State Bank of Pakistan (SBP), the Pakistani rupee in the inter-bank market, however, showed a downward trend by Rs0.16 in the last two days to Rs133.80 against the US Dollar, compared to Rs133.64 on Tuesday as impact of government’s announcement on Monday that they will be approaching the International Monetary Fund (IMF) for a bailout.

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The Pakistani rupee has recuperate 5% of its value against the US dollar in the preceding two days from Rs140 on Tuesday.

According to reports of central bank, on Thursday, the country’s foreign exchange reserves amplified by almost $100 million to $8.3 billion which was very difficult to supply 1.5 months of import cover.

Furthermore, this is the fifth round of enormous currency depreciation, the rupee has overall lost around 27% since December 2017.