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PKR continues sharp recovery against dollar

Islamabad: The Pakistani rupee strengthened against the US dollar on Tuesday, increasing by Rs3.30 in interbank trading.

The local currency increased by Rs3.31 against the US dollar in the interbank market, according to the foreign exchange dealers. At the moment, banks are selling dollars for Rs234.31, while the free market is offering the same currency for Rs234 to 236.

It should be recalled that Ishaq Dar was proposed by the PML-N huddle, which was convened in London on Sunday and presided over by Nawaz Sharif, to replace Miftah Ismail as the coalition government’s finance minister.

In the interbank market on Monday, the local currency increased by Rs4.15 in relation to the US dollar. The banks sold the dollar for Rs. 236 while the open market sold it for between Rs. 238 and 240.

In the first six months of the coalition government led by Prime Minister Shehbaz Sharif’s, the Pakistani rupee has fallen by Rs56.72 versus the US dollar.

The rupee had a significant depreciation, falling from Rs 178 to the US dollar in April 2022 to Rs 239.65 in September 2022, a loss of Rs 56.72 over the previous six months, according to a report by currency traders.

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