Pakistani Rupee bounces back against US dollar in open market
KARACHI – Pakistani Rupee bounces back against US dollar in open market.
The US dollar on Friday depreciated as the Pakistani rupee gained 71 paisa against the greenback in the interbank market and traded at Rs157.52.
In open market, the value of the green back was recorded at Rs1157.90 after a decline by 90 paisa.
According to details, the dip in the US dollar has reduced the debt burden by Rs 600 billion. It is worth mentioning here that the greenback had reached all-time high of Rs164.25 in the interbank market on June 27 this year, and has downed by Rs6.75 since its peak.
In the earlier weeks, the rupee had been observed to cumulatively depreciate against the greenback, which in turn had resulted in increased prices of goods and hardships for the general public.