Pakistani Rupee shows slight recovery against US dollar

KARACHI: Pakistani Rupee made nominal recovery of 0.46 percent (Rs1.28) against the US dollar in the interbank market, snapping a three-day losing streak, ARY News reported on Monday, quoting State Bank of Pakistan (SBP).  

According to details, the Rupee kickstarted the week on positive note as its gained Rs1.28 against the dollar in the interbank market to close at 275.29, up from Friday’s close of Rs276.58.

Earlier in the day, it was reported that the Pakistani rupee gained 5.58 against the US dollar in the interbank market.

The greenback has gained over Rs30 in the interbank market since the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.

Meanwhile, the Forex Association of Pakistan (FAP) stated that dollar buying and selling rates in the open market were recorded at Rs 275.25 and Rs 278.00 respectively.

The price of the euro also depreciated by Rs 4.32 and closed at Rs 296.96 against the previous day’s closing of Rs 301.28, according to the State Bank of Pakistan (SBP).

The Japanese yen decreased by 05 paisa to close at Rs 2.14, whereas an increase of Rs 5.30 was witnessed in the exchange rate of the British pound, which was traded at Rs 332.06 as compared to its last closing of Rs 337.36.

The exchange rates of the Emirates dirham and Saudi riyal decreased by 34 paisa each to close at Rs 74.95 75.29 and Rs 73.36 respectively.

It is pertinent to mention here that the Exchange Companies Association of Pakistan (ECAP) removed the cap on the US dollar in a bid to end ‘artificial’ demand in the market.