Rupee continues upward trajectory, gains Rs1.16 in interbank

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

According to the State Bank of Pakistan (SBP), the local currency closed at Rs227.29, up Rs1.16 or 0.51 percent from last Friday’s close of Rs228.45. The US dollar was being sold at Rs227.70 in the interbank market.

Interbank closing #ExchangeRate for todayhttps://t.co/DlpuEEZ8Vp pic.twitter.com/RrX3BTmmrb

— SBP (@StateBank_Pak) October 3, 2022

Meanwhile, the Forex Association of Pakistan (FAP) reported that the greenback was being traded at Rs228 to Rs230 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.

Last Friday, Pakistani rupee gained Rs1.18 against the US dollar in the interbank market. According to the State Bank of Pakistan (SBP), the local currency closed at Rs228.85 after appreciating 0.52 percent from Thursday’s close of Rs229.63.

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.