Pakistani Rupee bounces back, US dollar drops significantly in interbank market

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Pakistani Rupee bounces back, US dollar drops significantly in interbank market

KARACHI: Pakistani Rupee bounces back and US dollar drops significantly in interbank market.

The US dollar dropped further in the interbank and open markets on Tuesday, with the Pakistani currency recovering from historic lows since the central bank intervened last week.

On Tuesday, the US dollar dipped by Rs2.30 in the interbank to be traded at Rs157.75. Similarly, it dropped by Rs3.50 to fall to Rs157.50 in the open market at the end of the day's trading.

Last week, the greenback hit record highs of Rs164.05 in the interbank and Rs164.50 in the open market.

But on Friday, the rupee rebounded sharply, posting its biggest daily percentage gain in years after the State Bank of Pakistan sold foreign currency in "quite a sizeable amount" to pull the exchange rate back from an all-time low.