Pakistani Rupee strongly bounces back against the US dollar in interbank market

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Pakistani Rupee strongly bounces back against the US dollar in interbank market

*KARACHI:*

Pakistani Rupee strongly bounces back against the US dollar in interbank market.

The Pakistani currency recovered Rs1.20 to a two-month high at Rs166.23 to the US dollar in the inter-bank market on Monday as supply of the foreign currency increased with exporters selling dollars on futures counters.

“Exporters have reportedly sold a significant amount of dollars,” Pakistan Kuwait Investment Company (PKIC) Head of Research and Development Samiullah Tariq said while talking to The Express Tribune.

Exporters sold the foreign currency at the futures counters ahead of receipt of export payments in the forthcoming days and weeks. Market talk suggests the exporters sold around $150 million in the inter-bank market during the day.

The rupee has cumulatively regained Rs2.14 against the greenback in the past three consecutive working days, according to the State Bank of Pakistan (SBP).