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Rupee gains 84 paisa against dollar in interbank

KARACHI: The rupee on Tuesday stretched its gains in the interbank market for the third day in a row, rising to Rs238 against the dollar.

The local currency, which closed at 238.84 yesterday, gained 84 paisa by 10:33am, according to the Forex Association of Pakistan (FAP).

Overall, the Pakistani rupee has gained nearly Rs2 in the interbank market since Friday. It gained 57 paisa on Friday, followed by 53 paisa in this week’s opening session.

Prior to that, the local currency had been on a consistent decline since July 16.

On Monday PKR gained Rs4.50 against the US dollar in the open market during the intraday trade after the Finance Ministry and State Bank of Pakistan (SBP) assured the market rupee’s appreciation and gave a roadmap for the ongoing fiscal year to overcome the economic crisis.

In the open market, the local currency appreciated by 4.50 and dropped to 243.50 against the dollar. Meanwhile, the rupee made minor gains in the interbank market by Rs0.12 and reached 239.25 against the greenback.

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