Pakistani rupee gains in interbank against US dollar

KARACHI: Pakistani rupee on Wednesday gained Rs0.29 against the United States (US) dollar in interbank after days of upward slide, ARY NEWS reported quoting forex dealers.

According to forex dealers, the US dollar traded at Rs163.60 in the interbank, witnessing a downslide of Rs0.29.

On Tuesday, the rise of the United States (US) dollar in the interbank against the Pakistani rupee continued, touching the Rs164 mark, the highest since October 2020.

The nine-month high rate of the US dollar was reported in the interbank after the greenback witnessed an increase of Rs0.33 against the Pakistani rupee.

Economic experts have previously attributed the spike in the dollar value to strong demand saying imports and debt repayment were pushing the greenback’s price in the interbank market.

The Pakistani rupee had touched an all-time low of 168.43 against the greenback last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April, 2021.

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The local unit rose by 6.2 percent or Rs10.51 against the US dollar in the currency market during the fiscal year 2020-21 that ended on June 30.