The Pakistani rupee on Thursday showed some spine in interbank trading as it went up against the US dollar despite yesterday’s heavy drubbing, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency appreciated by massive Rs2.18 against the greenback and ended the day at Rs287.20.

https://twitter.com/StateBank_Pak/status/1687061030034411520

On Wednesday, the Pakistani rupee had registered a loss for the third straight session against the US dollar as it depreciated by 0.64%. At close, the rupee had settled at 289.38, a decrease of Rs1.84.

https://twitter.com/StateBank_Pak/status/1686705656013938688

Economic experts attributed the stronger US dollar value to the demand-supply pressure in the market. “The ease in import restrictions is driving demand for US dollar,” an expert said and added the greenback is expected to remain range-bound, and would trade in the range of 285-290.

In a key development, the Federal Board of Revenue (FBR) had provisionally collected Rs538 billion during July 2023 against the assigned monthly target of Rs534 billion, reflecting an increase of Rs4 billion.

 

Reporter Ashraf Khan