KARACHI: Pakistani Rupee bounces back against US dollar in the interbankmarket.
US dollar finally took a dip as it slid by Rs3.5 in the Interbank market onFriday.
During trading hours, US Dollar fell to Rs161 from Rs164.05 as recorded aday earlier.
The upward trajectory of dollar came after the rupee continued todepreciate against it following an agreement with the InternationalMonetary Fund on a $6 billion loan with expected strict conditionsincluding a “market-determined” exchange rate.
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The rupee’s official exchange rate is supported by the central bank under ade facto managed float system and many analysts consider the currency to beovervalued.
