Thursday, February 2, 2023

Rupee continues to gain ground, closes at Rs217 in interbank

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KARACHI: The Pakistani rupee continued to recover in the interbank market, extending its gains against the dollar for 12 consecutive sessions, ARY News reported on Monday.  

The local currency, which had closed at Rs219.92 on Friday, gained Rs1.96 to close at Rs217.97 today, according to the State Bank of Pakistan (SBP). This amounts to an appreciation of 0.89 per cent.

Meanwhile, the Forex Association of Pakistan (FAP) stated that the banks were selling the greenback at Rs218.30. In open market, the dollar was being traded between Rs217 to Rs219.

Earlier on October 7, the Pakistani rupee’s recovery streak with a gain of Rs2.02 against the dollar in the interbank market. The local currency closed at Rs219.92 per dollar, according to the State Bank of Pakistan (SBP).

The rupee has recovered by Rs19.79 or 8.26pc in the last 11 sessions after falling close to an all-time low of Rs239.94 on Sept 22.

Last week, Prime Minister (PM) Shehbaz Sharif lauded the hard work of Finance Minister Ishaq Dar for a strengthening rupee against the US dollar.

Taking to Twitter, PM Shehbaz Sharif said it is the grace of Allah that the Pakistani rupee was the best-performing currency against the dollar in the world.

 

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