Rupee gain strength as dollar slides to Rs155.88 in interbank market
In the open market, the greenback depreciated by 5 paisa to close at Rs156.10.
KARACHI (Dunya News) – The Pakistani currency appreciated against the US dollar on Thursday by 18 paisa and hit Rs155.88 in the interbank market during early trading hours.
In the open market, the greenback depreciated by 5 paisa to close at Rs156.10.
On Tuesday, the exchange rate of US dollar against rupee witnessed a decrease of 04 paisa in interbank and was traded at Rs156.01 as compared to the last closing at Rs156.05.
However, according to Forex Association of Pakistan the buying and selling rates of dollar in open market were recorded at Rs155.9 and Rs156.4 The SBP further reported that in interbank the price of Euro depreciated by Rs0.05 and was traded at Rs171.97 against the last closing of Rs172.02.
The exchange rate of Japanese Yen also depreciated by Rs0.01 and was traded at Rs1.43 against Rs1.44 last day.
An increase of Rs1.31 was witnessed in the exchange rate of British Pound which was traded at Rs198.12 as compared to last closing of Rs196.81.
Exchange rate of UAE Dirham lost 01 paisa and was traded at Rs42.47 compared to Rs42.48 whereas Saudi Rayal also decreased by 01 paisa and was traded at Rs 41.59 against Rs41.6, the data revealed.
Despite significant devaluation, the WB still sees the rupee overvalued by the end of September by approximately 4.8%.
In the last two months, the local currency was observed to significantly recover against the greenback in both interbank and open markets.
Earlier, analysts had expressed fear that the intense ongoing trade war between the United States and China would result in fluctuation of the U.S. dollar in the local market, and the value of the Pakistani rupee would stabilise depending on the measures taken by the government with appropriate economic policies.
Currency traders were of the view that the increasing inflows of remittance have supported the local rupee in the market.
