Pakistani rupee continues upward trend against US dollar

The interbank closing rate was 218.88 against the dollar compared to previous days close of 221.91

Islamabad: The US dollar shed Rs2.53 in the interbank today and traded at Rs219.38 while in the open market, the dollar declined by Rs2 and traded between Rs216 to Rs218.

The rupee’s continued recovery is attributed to several factors, including the expected release of the International Monetary Fund (IMF) tranche by August 19 to 24 which has created confidence among investors and ended the crisis the market was facing. In addition Pakistan’s Eurobond rating had improved, the import bill was consistently on a decline and the inflation numbers for August are expected to be lower than in previous months.

The SBP interbank closing rate for today was 218.88 against the dollar, rupee showed an appreciation of 1.38%.

 

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