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Pakistani rupee strengthens against US Dollar

Greenback fell by 94 paisas in interbank in two days

SAMAA | - Posted: Nov 23, 2021 | Last Updated: 6 days ago
Posted: Nov 23, 2021 | Last Updated: 6 days ago

Photo: AFP

Pakistani rupee continues to strengthen on the second consecutive day in the interbank market. The local currency recorded an appreciation of 0.27% on Tuesday.

According to the State Bank of Pakistan, the value of the US dollar dropped by 47 paisas and settled at Rs174.30. It recorded a similar decrease on November 22.

Earlier, it had reached an all-time high of Rs175.73 in the interbank on November 12.

Meanwhile, in the open market, the greenback was traded at Rs176.

Here are the open market rates of major currencies on November 23, 2021:

Saudi Riyal46.4046.90
UAE Dirham48.5049.50
UK Pound233.00236.00
Japanese Yan1.491.51
Chinese Yuan27.0028.00

The recovery came as the International Monetary Fund (IMF) confirmed the loan tranche $1b to Pakistan. The agreement, which still needs to be approved by the Fund’s Executive Board, also praises Pakistan for meeting key targets and will likely improve investors’ trust in the country.

However, Exchange Companies Association Secretary Zafar Paracha said that the value of the US Dollar was raised artificially and its value will further decrease once the tranche is released by IMF.

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