US dollar crushes Pakistani rupee's winning streak in interbank
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The mighty dollar struck back against the Pakistani rupee in interbank market on Tuesday and the hit was hard as the greenback recovered the lost amount it conceded in the morning and then rocketed by Rs1.58, reported 24NewsHD TV channel.
At the start of the business, the Pakistani rupee recorded its fifth successive gain against the US dollar as the local currency went up by 42 paisas straight way, but the world's most powerful currency snapped the rupee's winning streak and scored a massive gain of Rs1.58 and ended the day at Rs261.50, said the State Bank of Pakistan.
Interbank closing #ExchangeRate for todayhttps://t.co/eSIynQ6OJ6 pic.twitter.com/TFfaNXEDvs— SBP (@StateBank_Pak) February 28, 2023
On Monday, the rupee settled at 259.92 against the greenback, up seven paisas in the inter-bank market.
Interbank closing #ExchangeRate for todayhttps://t.co/6rgYRDKIij pic.twitter.com/i3ld1nnVri— SBP (@StateBank_Pak) February 27, 2023
The Pakistani rupee appreciated nearly 1.1% during the previous week to close at 259.99, as news of an inflow of $700 million from China boosted sentiment.
The currency has been on a gaining spree since it hit its all-time low of over 276 earlier in February, with realisation of export proceeds and a higher flow of remittances through legal channels aiding the recovery.
The country’s foreign exchange reserves have increased marginally but the level is still at less than one month of import cover, and underscores the urgent need for authorities to revive the stalled International Monetary Fund (IMF) programme.
Reporter Ashraf Khan