Pakistani rupee rises by 16 paisas against US dollar in interbank

Pakistani rupee appreciated by 16 paisas against the US dollar in interbank on Friday, reported 24NewsHD TV channel.

According to the information made available by the currency dealers, the greenback was being traded at Rs282.40 instead of Rs282.56.

Earlier on Thursday, the Pakistani rupee made a modest recovery, gaining 11 paisas against the US dollar at the close of trading in the interbank foreign exchange market.

Currency dealers and analysts attributed the rupee’s rebound to renewed market optimism fuelled by positive economic indicators and improved investor sentiment.

Market participants anticipate further appreciation in the rupee’s value over the coming days, especially if the macroeconomic outlook remains stable. 

It is necessary to mention here that Pakistan’s rupee recorded its longest daily streak of gains since April last year after the central bank said it will slow buying of dollars to build its foreign exchange reserves.

Reporter Ashraf Khan