Pakistani rupee bulldozes US dollar in interbank market
February 9, 2023 11:10 AM
The Pakistani rupee continued to make positive strides against the US dollar as the local currency went up by a massive margin of Rs2.82 in the interbank market on Thursday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the Pakistani rupee went up by Rs2.82 against the greenback as at the end of business the local currency was at Rs270.51.
The greenback's decline was also visible in the open market where the US dollar went down heavily by Rs5 and was traded at Rs274, down from Rs279.
On Wednesday also, the local currency appreciated 1.08% in the inter-bank market, closing the day at Rs273.33 against the US dollar, an increase of Rs2.95.
The Pakistani currency has depreciated by 24.74% during the ongoing fiscal year against the greenback.
The latest upward march of the rupee came as the traders were optimistic about the IMF programme’s resumption.
Experts said exporters were also selling their dollars in the market, as they believed that the rupee was fairly valued. They were of the view that amid the free-float of the exchange rate, the inflows from illegal markets are diverting towards formal channels.
Reporter Ashraf Khan