KARACHI: Reasons behind Pakistani Rupee bouncing back against US dollarrevealed.
The rupee rebounded sharply on Friday after the central bank sold foreigncurrency in “quite a sizeable amount” to pull the exchange rate back froman all-time low, traders said.
Domestic currency closed at 160.05/dollar, 2.43 per cent stronger thanThursday’s close of 164.05 in the interbank market. In the open market, itgained Rs3.50 to close at 161 against the dollar from 164.50 in theprevious session.
Traders said rupee strengthened on the back of an apparent interventionfrom the State Bank of Pakistan (SBP), following Prime Minister’s ImranKhan meeting with SBP Governor Dr Reza Baqir held on Wednesday.
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“The SBP intervened in the foreign exchange market with a sizable amountthrough banks and authorised exchange dealers and carried out the necessarymeasures to control the exchange rate,” a senior banker said. He, however,declined to disclose the amount SBP had pumped into the interbank market.
