Rupee continues sharp recovery against US dollar

KARACHI: The Pakistani rupee on Tuesday extended its recovery against the US Dollar, appreciating by Rs3.30 in the interbank, ARY News reported.

According to the forex dealers, the local currency gained Rs3.31 against the US dollar in the interbank market. Currently, the dollar is being sold at Rs234.31 by the banks, while the same is being sold at Rs234 to 236 in the open market.

It may be noted that on Sunday, Miftah Ismail resigned as the finance minister and the PML-N huddle held in London with Nawaz Sharif in the chair nominated Ishaq Dar as the next finance minister of the coalition government.

On Monday, the local currency gained Rs4.15 against the US dollar in the interbank market. The dollar was sold at Rs236 by the banks, while at Rs238 to 240 in the open market.

The Pakistani rupee has declined by Rs56.72 against the United States (US) dollar in the first six months of Prime Minister Shehbaz Sharif-led coalition government.

Also Read: Dollar falls by Rs4.15 against rupee in interbank

 

According to a report by currency dealers, the rupee witnessed massive depreciation from Rs 178 the Greenback in April 2022 to Rs 239.65 in September 2022, a decline of Rs56.72 over the past 6 months.