Rupee sees massive recovery against US dollar in interbank market.
KARACHI: The Pakistani rupee finally snapped its nine-day long losing streak against the US dollar on Thursday, gaining Rs4.7 in the interbank market, a day after Finance Minister Miftah Ismail announced a $2.3 billion loan agreement with a Chinese banks consortium.
As per the State Bank of Pakistan, the US dollar closed at Rs207.23 in the interbank market. The previous day's close was Rs211.93 against the greenback, according to the State Bank of Pakistan (SBP).
After losing 5.39% in the last nine sessions, the Pakistani rupee recovered 2.27?y-on-day against the US dollar.
The appreciation was in line with the expectations of market analysts who foresaw that the rupee would see a correction today as it was trading at 208-209.50 against the dollar in the TOM (one-day forward) market.
Retrieved from:https://www.thenews.com.pk/latest/968516-rupee-continues-its-rising-streak-against-dollar-in-interbank-market
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