The US Dollar gained Re0.11 against Pakistani Rupee in the interbankmarket.
According to a State Bank of Pakistan tweet, the US Dollar opened atRs160.62 and closed at Rs160.73. The greenback has gained Rs2.57 againstPakistani Rupee during the week.
Market analysts believe that this weakening of PKR against the greenback ismostly sentiment driven.
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“The recent news of IMF officials visiting Pakistan soon and resumption oftalks with the agency led to panic-buying by importers and hedging theirimports. Moreover, some banks squared their short positions which putfurther pressure on the rupee,” said Sana Tawfik of Arif Habib Ltd, addingthat the PKR will remain range bound and likely to close the year at 161level.
