Dragged back from hell: Rupee regains some dignity against US dollar

Gains another 6 paisas
Sep 23, 2022
<p>Photo:SAMAA/file</p>

Photo:SAMAA/file

With Prime Minister Shehbaz Sharif and UN Secretary General Antonio Guterres calling on international financial institutions to defer debt repayments due to the unprecedented floods in Pakistan, the rupee gained some dignity against the US dollar on Friday, appreciating modestly to snap a near 20-day losing streak in the interbank.

According to data released by the State Bank of Pakistan (SBP) on Friday, the rupee appreciated by 0.03%.

On Thursday evening, the rupee had closed at around Rs239.71 in the interbank market. On Friday, the interbank market closed for the week, with the rupee slightly stronger at Rs239.65.

This was the same level at which the rupee stood on Wednesday.

Friday’s appreciation meant that the rupee finally broke a 22-day losing streak against the US dollar in which it had lost around Rs21.11 in value.

Earlier in the week, the US dollar had risen to a record value of Rs240 during intraday trading in the interbank market. However, it always closed out the trading day below the highest ever level of Rs239.94, which it had reached on July 28 this year.

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