Dollar up by Rs1.43, being traded for Rs161.90

By: News Desk      Published: 02:29 PM, 28 Apr, 2020
Dollar up by Rs1.43, being traded for Rs161.90

The US dollar made substantial gains against the rupee as it was available for Rs161.90 in inter-bank rate against the previous level of Rs160.47, 24NewsHD reported on Tuesday.

The Rs1.43 gain against the rupee is a reversal of the trend witnessed during the past week where the Pakistani currency made some ground against the US dollar.

The US dollar had closed at Rs160.47 on Monday in inter-bank trading after losing 23 paisas against the rupee.

During the last week, the inter-bank rate had ranged between Rs163.50 on Monday to Rs160.70 on Friday in inter-bank rate. It means the dollar lost Rs2.80 in value against the rupee.

Similarly, the open market saw the dollar exchange rate declining from Rs163 on Monday to Rs160.50 on Friday, meaning the rupee gained Rs3 against the greenback during the same period.

Earlier on the morning of March 27, the US dollar had shattered all the previous records as it was available at the rate of Rs169 in inter-bank rate.

However, a sharp decline by Rs4 was witnessed on the same day after the State Bank of Pakistan (SBP) intervened to check the steep upward curve in its value.

The SBP had pumped around $300 to $400 million into the system to stabilise the exchange rate after the day began with more bad news for the rupee as it became weaker with the dollar reaching the value of Rs169, the highest in the history.

However, this decrease wasn’t stable as the dollar price again went up to around Rs168. But since then the overall trend has been of rupee making some gains to level of Rs160.47 on Monday.