Pakistani rupee recovers against US dollar in interbank
- By Web Desk -
- Oct 21, 2022
KARACHI: The Pakistani rupee on Friday ended its losing streak and recovered Rs0.11 against the US dollar in the interbank market, ARY News reported.
According to State Bank of Pakistan (SBP), the local currency closed at Rs220.84 after appreciating 0.11 paisa from yesterday’s close of Rs220.95.
Interbank closing #ExchangeRate for todayhttps://t.co/MEFYHY7w0K pic.twitter.com/79hgXLmjRd
— SBP (@StateBank_Pak) October 21, 2022
The local unit had finished Rs220.88 against the US dollar yesterday.
Earlier, it emerged that the money exchange companies have decided to cap currency rates in a bid to stabilise Pakistani rupee against foreign currencies.
According to details, the money exchange companies have decided to cap currency rates to devaluate other currencies, including the US dollar.
In a statement, Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha said that the association has taken measures to devalue other currencies, including the dollar.