Pakistani Rupee bounces back strongly against US dollar

Pakistani Rupee bounces back strongly against US dollar

LAHORE: *Pakistani Rupee bounces back strongly against US dollar.*

The Pakistani rupee (PKR) has regained Rs1.42 in its value against the greenback, bouncing back from State Bank of Pakistan’s (SBP) mid rate on Friday of Rs150.90 to Rs149.53 in the interbank market, reverting down from the Rs150 barrier, here on Monday.

During the last week, the rupee had hit its record low against the US Dollar (USD) to reach Rs154 in the open market and Rs153.5 in the interbank market on Tuesday. Since Tuesday, this is the fourth consecutive session where the rupee has registered gains against the dollar, gaining an overall Rs3.95 against the dollar in an effort to nab the dollar hike and further devaluation.

According to data from *Mettis Global,*“today’s interbank session observed the Pakistani rupee slightly stronger at open as it was quoted at 150.75/151.25 per US Dollar compared to previous session’s closing quote of PKR 150.92 per USD.”

Currently, the rupee is being quoted at 149.50/150.25 per US dollar which marks an appreciation of Rs1.42 against its closing rate on Friday.