Rupee extends stability against US dollar for second day

Greenback closes interbank trading unchanged at Rs223.95
<p>Photo: SAMAA</p>

Photo: SAMAA

After witnessing a rare day of stability on Tuesday, the Pakistani rupee continued to maintain its value for a second consecutive day on Wednesday, settling at Rs223.95 during trading in the interbank market.

According to data released by the State Bank of Pakistan (SBP) on Wednesday afternoon, it showed zero change in value against the greenback during interbank trading.

On Tuesday, the rupee recorded a net-zero change in its value from Monday’s rate of Rs223.95 against the US dollar.

Last week, the rupee’s spot rate dropped by two paisas on Friday.

The rupee’s current depreciation run against the US dollar began on Wednesday, after experiencing a brief upswing the day before.

With economic instability, the rupee has lost value in five consecutive sessions in the interbank market, but has managed to remain in the Rs223 range.

Open market

In the open currency market, the value of rupee increased from Rs231 to Rs231.50, respectively.

However, the rate to buy the US dollar also changed to Rs229.20.

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Hafeez Shaikh Nov 30, 2022 03:20pm
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