KARACHI – Pakistani rupee finally makes a comeback after ending its eight-session losing streak against the US dollar with a marginal appreciation on Wednesday.
The local currency moved up, and settled at 287.04, with a jump of Rs1.48, data shared by the central bank reveals.
Earlier this week, the rupee remained under pressure, losing more than Rs10 against the greenback in the inter-bank market.
Rupee bounced back after State Bank allowed Exchange Companies to import dollars in cash against the value of export consignments.
Earlier, exchange firms were required to bring USD in their bank accounts, but with the latest move, it can also bring dollars through cargo and security companies.
Financial experts commended the development, as it will further improve the supply of US dollars in the market.
