Pakistani rupee sustains rebound against US dollar in interbank
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The Pakistani rupee was able to sustain its comeback against the US dollar as it rose in the interbank trading on Thursday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency appreciated by 59 paisas, and ended the day at Rs286.45.
Interbank closing #ExchangeRate for today https://t.co/0RUyUEuVMz#SBPExchangeRate pic.twitter.com/0dr6w0g5ak
— SBP (@StateBank_Pak) July 27, 2023
On Wednesday, the Pakistani rupee after suffering significant losses for eight consecutive sessions had resisted further slide and scored Rs1.48 gain against the US dollar in the interbank market, closing at Rs287.04.
Interbank closing #ExchangeRate for today https://t.co/8rtZjpJBAy#SBPExchangeRate pic.twitter.com/pr9rZimpa0
— SBP (@StateBank_Pak) July 26, 2023
Currency dealers were of the view that the local currency bounced back on reports about a $2.1 billion rollover and $600 million loan from China. They said the opening of letters of credit had been made easier after an agreement with the IMF, but obtaining dollars from banks remained challenging.
The SBP had also issued a circular two days ago related to the export of foreign currencies other than the US dollar and the import of dollars against it. The SBP said the exchange companies, on a need basis, may import cash US dollars against the value of their export consignments of permissible foreign currencies.
Reporter Ashraf Khan