KARACHI – Pakistani Rupee rises against US dollar in the interbank and openmarkets, media report has revealed.
The Pakistani rupee in the early trade hours on Wednesday regained itsstrength by 5 paisa, and hit Rs155.85 and Rs155.95 against the U.S. dollarin the interbank and open markets, respectively.
On Friday, the local currency closed at Rs155.90 against the greenback on apositive note. In the open market, the rupee appreciated by 20 paisa andclosed at Rs156.10 against the dollar with slight fluctuation in the wholeweek.
On Sunday, the World Bank forecasted Pakistan’s economic growth to slowdown for the next two years as it faces yet another macroeconomic crisisdue to massive twin deficits and low foreign reserves.
Despite significant devaluation, the WB still sees the rupee overvalued bythe end of September by approximately 4.8%.
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In the last two months, the local currency was observed to significantlyrecover against the greenback in both interbank and open markets.
Earlier, analysts had expressed fear that the intense ongoing trade warbetween the United States and China would result in fluctuation of the U.S.dollar in the local market, and the value of the Pakistani rupee wouldstabilise depending on the measures taken by the government withappropriate economic policies.
Currency traders were of the view that the increasing inflows of remittancehave supported the local rupee in the market.
