US dollar bounces back strongly against Pakistani rupee
As the market opened, the greenback took a hit and was quickly down by 33 paisas against the Pakistani currency. But, it did not take the dollar long to hit back and recovered the value it lost in the early inter-bank trading but also went up by significant 72 paisas against the rupee.
The dollar touched the highest mark this year when it reached Rs162.20 against the rupee. The dollar had gained Rs4.66 only this month, travelling from Rs157.54 to Rs162.20.
Earlier in the day, the US dollar lost its value by 33 paisas against the Pakistani rupee as the markets opened. During the early intra-bank trading on Friday, the greenback after losing 33 paisas was being traded at Rs161.15.
The dollar closed at Rs161.48 during the last trading day before Eid.
Experts were of the view that the rise in the value of the greenback is due to the spike in demand and payments regarding foreign loans and imports.
Reporter Ashraf Khan