Pakistani Rupee bounces back against US dollar yet again

Shares
Pakistani Rupee bounces back against US dollar yet again

ISLAMABAD - Pakistani Rupee bounces back against US dollar yet again.

The Pakistani Rupee gained some strength in the money market as the value of the US Dollar on Thursday further decreased by Rs1.70 in the interbank market, a private media outlet reported link .

The decline in greenback, which settled at Rs148.70 in the interbank market, also dictated the open market, forcing the dollar to shed its value by Re0.50 to Rs149.50.

According to currency dealers, stability started returning to the money market as external payments had been made. Some sources in the market said that the State Bank of Pakistan’s (SBP) off the record warning to commercial banks against unnecessary acquiring of the dollar also played its role in bringing the value of the greenback down.

Primary dealers expressed hope that the factors, in addition to rising inflows of remittances, would further push the greenback to shed its value in the currency market.