KARACHI – The US dollar hits reverse gear against the Pakistani rupee and now the local currency continued its recovery against the greenback and settled at 302.95 in the inter-bank market.
Data shared by the State Bank of Pakistan (SBP) shows that the rupee moved up by Rs1.99 or 0.66pc on the last working day of the week. The local unit advanced after moving up by 1.4pc in three back-to-back sessions.
In previous sessions, the Pakistani rupee moved up to 304.94 as the country’s top civil and military leaders adopted a strong stance for socioeconomic growth under the umbrella of the Special Investment Facilitation Council (SIFC).
The local currency gained momentum as Exchange Companies surrendered around $20 million to the inter-bank market during the last two days due to low demand.
In the open market, the Pakistani rupee was being quoted at 304 and 301 for selling and buying purposes, , Exchange Companies Association of Pakistan said Friday.
US dollar hits reverse gear in Pakistan, drops to Rs302 in open market
