Rupee inches up against US dollar in interbank market

KARACHI: The Pakistani rupee edged higher by two paisas to Rs171.18 against the United States (US) dollar in the inter-bank currency market on Friday.

According to the State Bank of Pakistan, the local unit closed at Rs171.18 against the greenback, registering appreciation of two paisas over the previous close of Rs171.20.

Interbank closing #ExchangeRate for today: https://t.co/KgqcCOJIf8 pic.twitter.com/yy6BTUOviO

— SBP (@StateBank_Pak) October 15, 2021

Also Read: State Bank reserves fall by $31m to $19.1bn

On Thursday, the United States (US) dollar continued its surge against the Pakistani rupee hitting a fresh peak in the inter-bank currency market.

The State Bank said the greenback closed at Rs171.20 against the local unit, registering appreciation of 7 paisas over the previous close of Rs171.13.

Also Read: Gold prices see big rise in domestic market

Rising demand for the US dollar is driving up its value despite a number of measures introduced by the State Bank to ease the pressure on the exchange rate.