Dollar Weakens by Rs.4 against the Pak Rupee – Research Snipers

Dollar Weakens by Rs.4 against the Pak Rupee

The dollar value has weakened by Rs.4 against the Pak Rupee during the intraday trading. In the open market the dollar value reduced by Rs4.50 while in the interbank market the value reduced by Rs4.20.

The greenback reduced its value against Pak Rupee and reached Rs159 in the open market and Rs160 in the interbank market.

Earlier, on Wednesday, the US dollar strengthened by Rs.7.2 and reached Rs.164 in the interbank trade. The US dollar reached a record high against the Pak Rupee at the close of the day’s trading. In the open market, the dollar was traded at Rs.163 against the Pak Rupee, displaying an increase of Rs.6.

Also read: Pak Rupee Drops to an all-time low of Rs. 156 against the US dollar

On Thursday, a similar trajectory was seen as the value of dollar slightly increased in the open and interbank market by Re0.50 and Re0.20 respectively.

The Governor of State Bank of Pakistan (SBP) Reza Baqir called on Prime Minister Imran Khan when the US dollar value reached an all-time high against the Pak Rupee.

The meeting has produced results today, as claimed by a few dealers. The reduction in the value of the dollar is due to an intervention of the State Bank.

 The new SBP governor did reveal in his first press conference that the State Bank will intervene in the exchange rate if the market gets volatile.