Pakistani rupee inches up in interbank market

KARACHI: The Pakistani rupee ended one paisa higher at Rs176.74 against the United States (US) dollar in the interbank market on Wednesday.

The domestic currency finished at Rs176.74 against the greenback, the data shared by the State Bank of Pakistan (SBP) showed.

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The rupee registered appreciation of one paisa compared to the previous close of Rs176.75.

Interbank closing #ExchangeRate for today: https://t.co/ErCHD1r7D5 pic.twitter.com/g0CwrzV9Xk

— SBP (@StateBank_Pak) January 5, 2022

The local unit declined by almost 12 per cent in the last year.

Also Read: Pakistani rupee ends year with sharp recovery against US dollar

Finance Minister Shaukat Tarin last week said the US dollar was overvalued due to the prevailing situation in Afghanistan and its exchange rate should be between Rs165 and Rs170.

He hoped that the artificial rise in the American currency’s value would be controlled.