KARACHI – Pakistani rupee appreciated slightly in the interbank market on Wednesday, bringing to an end of negative trajectory that continued for the last two weeks.
During the early hours of trading on Wednesday, the local currency witnessed marginal gains against the US dollar, moving up by Rs0.08, being quoted around 286.30.
In last session, the local currency moved down 0.38pc to settle at 286.39 against the greenback.
Forex Association of Pakistan chief Malik Bostan linked depreciation of Pakistani currency with surge in the value of the US dollar. He said exchange rate is experiencing an upswing due to rising demand for the USD, however, a decrease in demand would likely lead to a depreciation of the dollar’s value.
He was of view noted that the greenback is facing a decline in value in international market, while the importers are actively purchasing dollars.
Pakistani rupee dips against US dollar, Euro, Pound and other currencies – Check forex rates here
