Pakistani rupee recovers against US dollar in interbank

The Pakistani rupee recovered Rs0.11 versus the US dollar on Friday, breaking its losing run.

State Bank of Pakistan (SBP) reports that the local currency increased 0.11 paisa from yesterday's closure of Rs220.95 to end at Rs220.84 today.

https://twitter.com/StateBank_Pak/status/1583409780726431746

Yesterday, the local currency had a final value of Rs 220.88 per US dollar.

Earlier, it emerged that the money exchange companies have decided to cap currency rates in a bid to stabilize the Pakistani rupee against foreign currencies.

The decision to restrict currency prices by the money exchange businesses will devalue other currencies, notably the US dollar.

Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan (ECAP), stated in a statement that the organization has taken steps to devalue other currencies, including the dollar.