USD to PKR: Pakistani Rupee Strengthens Against Dollar


USD to PKR: Pakistani Rupee Strengthens Against Dollar

The US dollar Tuesday fell below Rs300 in the interbank market, which helped the rupee (PKR) strengthen more versus the greenback, according to sources.

As the rupee maintained its upward trend, the US dollar slipped below Rs300 in the interbank market.

Moreover, the Pakistani rupee (PKR) strengthened by Rs1.27 against the dollar in the interbank market, closing at Rs299.89 as opposed to the previous close of Rs301.6, according to the State Bank of Pakistan (SBP)

It is pertinent to state that the price of a dollar in the open market was Rs298.

In the six trading sessions, the USD fell once more, falling by Rs7.21 in interbank trade and Rs30 in the open market.

The US dollar (USD) dropped down below the interbank rate on the open market yesterday. In the open market, the value of the USD fell by 4 rupees, trading at 298 rupees through the evening.

The currency traders said that the value of the dollar decreased by 2.35 rupees in interbank trading to reach 300.60 Pakistani rupees.

Banks provided importers with USD at 301.05 Pakistani rupees. Both in the interbank market and the open market, the US dollar rate was equal.

In exchange companies, buying of the dollar has been sparse while the number of sellers has increased.

The Pakistani rupee (PKR), which has been steadily losing value, lost Rs1.35 against the US dollar (USD) in interbank trade in August and concluded at Rs305.80.

The open market exchange rates for purchasing and selling the dollar in the preceding month were 322 and 325 rupees, respectively.

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