Rupee gain strength as Dollar slides to PKR 148.50 in open market

The value of Pakistan’s rupee strengthened in the currency market on Friday as the US dollar continued to slide in the interbank as well as the open market.

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The greenback shed its value by Re0.35 in the interbank and was traded against Rs148.15. Similarly, the dollar shed its value by Re1 in the open market to be traded at Rs148.50.

The increasing inflows of remittance in connection with Eidul Fitr have supported the local rupee in the market. According to them, the majority of inflows came from Saudi Arabia and other Gulf countries, including the United Arab Emirates (UAE), according to currency dealers.

 

The increased remittances played a vital role in strengthening the value of the rupee and supply of dollar in the market.

Forex Association of Pakistan President Malik Bostan said that trading in the interbank generally affects trading in the open market. He also expressed his optimism that the greenback will further shed its value in the open market, if its value continues to slide in the interbank.

 

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