Pakistani rupee trades between 116 to 116.50 a dollar in open market
Pakistani rupee during the day hit high of 116 rupees.
KARACHI (Dunya News) - Domestic currency moved in narrow band on Wednesday after the State Bank of Pakistan (SBP) stated that it will monitor the movement and only intervene when needed.
Pakistani rupee during the day hit high of 116 rupees but cautious approach and reluctance shown by big banks to strike deals trimmed the value. Rupee was trading between 115.20 to 115.40 to a dollar. In open market it was trading between Rs116 to Rs116.50 to a dollar.
Earlier on Tuesday, the domestic currency closed around 115 to a greenback from Monday’s closing of 110.55, down by four percent or Rs 4.45.
The main factor behind this slide was economic worries especially the debt profile of the country where external debt risen to 89 billion dollars while widening current account deficit which in seven months of current fiscal year already hit 4.2 percent of the deficit.
