Continuing its positive trend, the bullish Pakistani rupee recovered another 17 paisas against the US dollar during the opening hours of trading in interbank market on Wednesday, reported 24NewsHD TV channel.
As per the State Bank of Pakistan, the local currency appreciated by 17 paisas and ended the day at Rs282.20 against the greenback as compared to closing of Rs282.37 on the last day.
Interbank closing #ExchangeRate for today https://t.co/xeUAZf0Tf6#SBPExchangeRate pic.twitter.com/apqh266hnu
— SBP (@StateBank_Pak) December 27, 2023
Interbank closing #ExchangeRate for todayhttps://t.co/9PAgeVIxhy#SBPExchangeRate pic.twitter.com/N1IWSzGic5
— SBP (@StateBank_Pak) December 26, 2023
In a related development, the cumulative borrowing by the federal and provincial governments for budgetary support from the domestic banking system rose by 200% during this fiscal year (FY24) so far.
It merits mentioning here that the Pakistani rupee, which is recovering against the US dollar slowly but steadily, had gained 73 paisas in the interbank market in the previous week.
Reporter: Ashraf Khan