Rupee’s winning streak against US dollar ends after a week in inter bank trading
The Pakistani rupee’s winning streak against the US dollar ended on Thursday after a week in interbank trading.
As per the State Bank of Pakistan (SBP), the local currency settled at 285.27, a decrease of Rs 0.66 against the USD.
The gap between rates in the inter-bank and open markets is required to be less than 1.25% under one of the structural benchmarks set by the International Monetary Fund (IMF).
On the other hand, the local currency was quoted at 286.50 for selling and 283.50 for buying in the open market, unchanged from the previous day’s close.
However, the currency closed at 283 for buying and 286 for selling purposes, at the end of trading, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
On Wednesday, the local currency had closed at 286.50 for selling and 283.50 for buying purposes.
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