KARACHI: Pakistani Rupee bounces back and US dollar drops significantly ininterbank market.
The US dollar dropped further in the interbank and open markets on Tuesday,with the Pakistani currency recovering from historic lows since the centralbank intervened last week.
On Tuesday, the US dollar dipped by Rs2.30 in the interbank to be traded atRs157.75. Similarly, it dropped by Rs3.50 to fall to Rs157.50 in the openmarket at the end of the day’s trading.
Last week, the greenback hit record highs of Rs164.05 in the interbank andRs164.50 in the open market.
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But on Friday, the rupee rebounded sharply, posting its biggest dailypercentage gain in years after the State Bank of Pakistan sold foreigncurrency in “quite a sizeable amount” to pull the exchange rate back froman all-time low.
