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

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

The US Dollar gained Re0.11 against Pakistani Rupee in the interbank market.

According to a State Bank of Pakistan tweet, the US Dollar opened at Rs160.62 and closed at Rs160.73. The greenback has gained Rs2.57 against Pakistani Rupee during the week.

Market analysts believe that this weakening of PKR against the greenback is mostly sentiment driven.

“The recent news of IMF officials visiting Pakistan soon and resumption of talks with the agency led to panic-buying by importers and hedging their imports. Moreover, some banks squared their short positions which put further pressure on the rupee,” said Sana Tawfik of Arif Habib Ltd, adding that the PKR will remain range bound and likely to close the year at 161 level.