The Pakistani rupee started the day on solid footing against the US dollar as it went up by a few paisas in the interbank market on Wednesday, reported 24NewsHD TV channel.

As per the State Bank of Pakistan, the local currency appreciated by 12 paisas against the greenback and ended the day at Rs306.98.

https://twitter.com/StateBank_Pak/status/1699379270550999407

On Tuesday, the Pakistani rupee had suffered back-to-back losses against the US dollar to settle at a new record low of Rs307.10 in the interbank market. At close, the rupee was down Rs1.46 or 0.48%.

https://twitter.com/StateBank_Pak/status/1699011978914894236

However, the situation was altogether different in the open market where the Pakistan rupee made significant recovery against the US dollar and ended the day at Rs325 on Tuesday.

Dealers said the rupee was quoted at Rs325 for selling and Rs322 for buying purposes for customers in the open market, down by Rs5 from Monday’s levels of Rs330 and Rs327.

The Exchange Companies Association of Pakistan (ECAP) also quoted rates at Rs325 and Rs322 during trading. At the end of the session, it said the rates were Rs323 and Rs320 for selling, and buying, respectively.

Dealers attributed the halt in currency’s fall in the open market to Chief of Army Staff (COAS) Asim Munir’s recent meetup with the business community on Sunday. During the meeting, the army chief discussed the government’s economic plans and intentions to quell smuggling and speculative activity.

Reporter Ashraf Khan