Rupee continues sharp recovery against US dollar

Islamabad: Pakistani rupee (PKR) continues to gain value against the US dollar in the interbank market on Thursday, the local unit has so far appreciated over 8 rupees in early trade against the US dollar in the interbank with trades being reported at 220 per USD.

The SBP interbank closing rate for today was Rs226.15 per USD, rupee appreciation was 1.17%.

https://twitter.com/StateBank_Pak/status/1555140101528764419

The rupee had also gained sharply a day earlier, as the dollar fell by 9.8 or 4.19% with the previous day closing of 228.8 per USD.

Experts say that the rupee’s drop in the last week of July was not due to demand-and-supply issues, but rather due to the pressure from exporters who were anticipating higher profits in the days ahead.

Whereas Pakistan's latest trade numbers revealed that the import bill had gone down by almost $3 billion in July which prompted hoarders to run back to exchange units for cashing in on their profits.