Rupee continues recovery against dollar, gains Rs1.67 in interbank

KARACHI: The Pakistani rupee continued to recover against the US dollar as it gained Rs1.67 in the interbank market, ARY News reported on Tuesday.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs226.5 after appreciating Rs1.67 or 0.73 percent from yesterday’s close of Rs227.29.

Meanwhile, the Forex Association of Pakistan (FAP) noted that the greenback was being traded between Rs224 to Rs226 in the open market.

The Pakistani rupee has been recovering for the seventh consecutive session after falling close to an all-time low of Rs239.94 on Sept 22. The local unit gained 11.2 rupees or 4.9% against the dollar in the interbank market last week.

A day earlier, the rupee extended its gains against the dollar for the seventh consecutive session. The local currency closed at Rs227.29, up Rs1.16 or 0.51 percent from last Friday’s close of Rs228.45.

It is pertinent to mention here that newly sworn-in Finance Minister Ishaq Dar had said strengthening of Pakistani rupee value would be his top priority and no one would be allowed to do manipulation in the exchange rate.