Pakistani rupee ends losing streak, gains 5.58 against dollar in interbank market

Pakistani currency ended its losing streak against the US dollar as it registered an appreciation of 5.58 in the inter-bank market on the first working day.

Last week, the rupee depreciated to settle at 276, however, it gained 5.58 against the US dollar in the interbank market and is hovering at Rs271.

Reports in local media suggest that the banks are selling the dollars to importers at Rs274.

Earlier, the Exchange Companies Association of Pakistan removed the cap on the greenback to end ‘artificial’ demand in the market, and the hot currency gained momentum in recent times.