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The rupee continued to recover for the fourth consecutive session on Wednesday as it strengthened by Rs1.79 against the dollar in the interbank market.
The local currency closed at Rs231.12 per dollar, according to the State Bank of Pakistan. This equates to an appreciation of 0.77 per cent from yesterday’s close of Rs233.91.
Forex Association of Pakistan (FAP) Chairman Malik Bostan said the market was reacting positively to Ishaq Dar’s upcoming appointment as the new finance minister and expectation of strict action against hundi/hawala networks.
He noted that the dollar rate, which was previously around Rs8 higher in the open market, had narrowed with the greenback being sold for 50 paise less there compared to the interbank market.
The rupee, which had fallen close to the all-time low of Rs239.34 on Sept 22, has been recovering since Friday. It has strengthened by Rs5.8, or 2.42pc, in the last three sessions.
