Pakistani Rupee retaliates after losing value to US dollar
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The US dollar that lost its value to the Pakistani rupee on Monday, bounced back by gaining 24 paisas at the start of interbank trading on the second business day of the week but Pakistani rupee retaliated and showed resistance by gaining 71 paisas to reach Rs198.35 against US dollar, reported 24NewsHD TV channel.
The price of the US dollar that rose to Rs199.30 in the morning now reached Rs198.35. The previous close of the greenback was Rs199.06.
Interbank closing #ExchangeRate for todayhttps://t.co/m03OWY8V6G pic.twitter.com/HBkS9Yb2PL
— SBP (@StateBank_Pak) May 30, 2022
On Monday, the Pakistani rupee managed to break the upward streak of the US dollar by pulling it down after a hike in the POL prices and an increase in the policy rate by the State Bank of Pakistan (SBP).
Earlier, on the last working day on Friday, the emboldened Pakistani rupee rocketed past the US dollar by Rs2.25 and closed.