Abb Takk News

Rupee Makes Slight Recovery in Interbank Market

Karachi (October 17, 2018): Dollar devalues five paisas in Internet Bank Market today and being traded at Rs 133.82 on Wednesday.

Rupee gain value in the interbank market today after continued devaluation against the greenback. The dollar depreciated by Rs0.09 during the day’s trade, with the market closing at Rs133.76.

The dollar is being traded at Rs 133.82 in the interbank.

Earlier on October 15, US dollar continued to fluctuate as the market opened on Monday.

The greenback increased by Rs1.57 and was being traded at Rs133.50 after closing at Rs131.93 on Friday.

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Following a steep increase in the greenback’s price last week, the rupee made a recovery against the dollar in the interbank market on Friday as it was trading at Rs132.40 in the interbank, down Rs1.40 and closed at Rs131.93, down by Rs1.87.

The US dollar had gained by over Rs6.50 to touch a new high in the open market, while in the interbank market it had risen by Rs9 to reach Rs133.64 on Tuesday.

The Pakistan Stock Exchange (PSX) also shed 476 points as the market opened today and stood at 37,041 points.

The rupee witnessed a downward spiral in the past week, as the market reacted to news of Pakistan formally seeking financial assistance from the International Monetary Fund (IMF).Following a steep increase in the greenback’s price last week, the rupee made a recovery against the dollar in the interbank market on Friday as it was trading at Rs132.40 in the interbank, down Rs1.40 and closed at Rs131.93, down by Rs1.87.

The IMF has asked Pakistan to disclose its debts with “absolute transparency” to receive a bailout package, as the government deals with the challenge of a prevalent financial crisis.

If a package is agreed, it would be Pakistan’s 13th IMF bailout since 1988. The Fund lent Islamabad $6.7 billion in 2013.

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