Rupee partially recovers to Rs168.18 against dollar

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KARACHI – Pakistani rupee recovered partially by Rs0.94 or 56% against the US dollar in the inter-bank market on Thursday and closed at Rs168.18.

According to the State Bank of Pakistan (SBP), the local currency had closed at Rs169.12 against the greenback on Wednesday.

Arif Habib Limited, a financial research firm, said that the local currency depreciated around Rs1.87 against the dollar during the last five days.

The dollar has been witnessing an upward trend since May 2021 when it touched a 22-month high of Rs152.27.

The local currency recorded great lows against the dollar this week and many experts feared that it would touch Rs170 this week.

However, the rupee managed to recover from early losses due to suspected dollar selling by the central bank.

The SBP’s intervention has saved the rupee from further depreciation.

Read more: https://pakobserver.net/dollar-touches-169-6-breaks-yesterdays-record/

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