Karachi: The downward trend of dollar continued on Tuesday as rupee closes at 299.89 against US dollar in the interbank market.
This is lowest greenback has been against rupee in last 20 days.
The dollar maintains its position at Rs300 in the open market.
Interbank closing #ExchangeRate for today https://t.co/gLqvViOYEz#SBPExchangeRate pic.twitter.com/PglsNwy7o6
— SBP (@StateBank_Pak) September 12, 2023
As per the State Bank of Pakistan, the rupee closed at 299.89 against the dollar at the close of the day’s trading compared to Rs301.16 against the previous day’s closure. The rupee appreciated by 0.42% in the interbank market today.
This is the lowest the greenback has been against the rupee in the interbank market in the last 20 days.
On the other hand, in the open market the dollar maintained its position at Rs300 today, data from the Exchange Companies Association of Pakistan (ECAP) showed.
“This was a very important measure as our currency was continuously depreciating. It was also IMF’s [International Monetary Fund] demand to maintain a difference between the rupee-dollar exchange rate at 1.25%,” he added.
He said that further correction of up to Rs10-15 is expected in the coming days.
The sale of dollars by exporters and the return of remittances to the interbank market, spurred by the narrowing gap between the official banking market and the kerb market, helped boost the rupee’s strength.
The difference between the open market and interbank exchange rates has now shrunk to 1.3%.
