Rupee recovers against greenback in interbank market


KARACHI: Following a steep increase in the greenback’s price in the past week, the rupee made a recovery against the dollar in the interbank market on Friday.

The greenback was trading at Rs132.40 in the interbank today, down Rs1.40. It closed at Rs131.93, down by Rs1.87.

In the open market, the dollar decreased by Rs1.5. The selling and buying price of currency in the open market is Rs132 and Rs131.

The decrease comes soon after the international lender asked Pakistan to disclose its debts with “absolute transparency” to receive a bailout package.

Earlier this week, price of the US dollar remained on an upward spiral.

The currency appreciated by Rs1.50 on Wednesday, after it soared to Rs134.50 in the open market a day earlier.

The US dollar had gained by over Rs6.50 to touch a new high in the open market, while in the interbank market it had risen by Rs9 to reach Rs133.64 on Tuesday.

The Pakistan Stock Exchange meanwhile shed 800 points today to close at 37,571 points.

The State Bank of Pakistan (SBP) had said the decline in rupee was reflective of current account dynamics and a demand-supply gap in the foreign exchange market.

On Monday, the government decided to approach the International Monetary Fund (IMF) to deal with the prevalent financial crisis which had created an uncertainty in the stock market.

If a package is agreed, it would be Pakistan’s 13th IMF bailout since 1988. The Fund lent Islamabad $6.7 billion in 2013.



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