The Pakistani rupee made a significant recovery against the US dollar in the open market, and was selling at 325 during trading on Tuesday, as gap with the inter-bank rate narrowed.
Dealers said the rupee was being quoted at 325 for selling and 322 for buying purposes for customers in the open market, down by Rs5 from Monday’s levels of 330 and 327.
The Exchange Companies Association of Pakistan (ECAP) also quoted rates at Rs325 and Rs322 during trading. At the end of the session, it said the rates were Rs323 and Rs320 for selling, and buying, respectively.
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However, in the interbank market, the rupee remained under pressure and settled at a record low of 307.1 against the US dollar.
Dealers attributed the halt in currency’s fall in the open market to Chief of Army Staff (COAS) Asim Munir’s recent meetup with the business community on Sunday.
During the meeting, the army chief discussed the government’s economic plans and intentions to quell smuggling and speculative activity.
