Pakistani rupee loses gains against US dollar in interbank trading

By: News Desk
Published: 11:06 AM, 8 Nov, 2022
Pakistani rupee loses gains against US dollar in interbank trading
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The Pakistani rupee's resilience diminished at the close of the interbank trade as it only could gan one paisa, reported 24NewsHD TV channel Tuesday. 

Pakistan rupee showed resilience as the local unit has gone up by 41 paisas in the interbank trade early in the day.

As per the information provided by the foreign exchange dealers, the PKR managed to sink the US dollar during morning trading activity on Tuesday as the American currency was depreciated by 41 paisas and was being exchanged for Rs221.25.

However, at the close, the Pak rupee lost all the gains and closed at Rs221.65.

Yesterday, the USD was closed at Rs221.66 as Pakistani rupee was appreciated by 0.12%. 

Yesterday, Governor State Bank of Pakistan Jameel Ahmad during his meeting with Finance Minister Ishaq Dar, said that the continuing administrative efforts by the government and the policy measures of the central bank have resulted in achieving stability to Pakistani rupee value and restrained exchange rate volatility.

They decided that the federal government and central bank would limit the purchase of dollar by an individual and cap the remittances outflow to $50,000 annually in order to bring down the speculations-driven high dollar value in the open market.

The SBP governor informed Dar of different macroeconomic policy initiatives in line with the objectives of fiscal policy taken to achieve sustainable growth.

Categories : Business