ISLAMABAD: After the continuous decline and hitting the record low of Rs 299 yesterday, the Pakistani rupee finally bounced back while gaining strength to Rs.13.85 against the American Dollar in the interbank trading on Friday. At the end of the trading, the local currency closed at Rs 285.08 against the previous day’s closing of Rs 298.93.
As per the Forex Association of Pakistan, the buying and selling rates of the greenback in the open market were witnessed at Rs 292 and Rs 295, respectively.
Financial Experts believed the major increase in the value of the local currency might be due to the last-day decision of the Supreme Court over the arrest of Imran Khan, which brought some relief to the political unrest and a statement by finance minister Ishaq Dar who said last day that there was no fear of Pakistan’s default irrespective of the IMF deal.
Pakistan Rupee Gains Against Euro, British Pound
Like dollars, the local currency responded to the other currencies similarly. The Euro witnessed a decrease by Rs 15.90 and closed at Rs310.95 compared to the previous day’s closing of Rs 326.85, according to the SBP.
The Japanese Yen experienced the same treatment and declined by 10 paisas to close at Rs 2.11, while the British Pound went down by Rs19.36 and was traded at Rs356.96 against Rs 376.32. the last day.
The exchange rate of the Saudi Riyal and Emirates Dirham went down by Rs 3.69 and Rs 3.77 to close at Rs76.01 and Rs77.63, respectively. –APP
