Rupee recovers Rs1.8 against the dollar in the interbank market

On Wednesday, the rupee gained Rs1.81 against the dollar in the interbank market.

The State Bank of Pakistan stated that the US dollar ended the day at Rs286.62 from Rs288.43 on Tuesday.

https://twitter.com/StateBank_Pak/status/1646094770476048384

The dollar has so far this month traded between Rs280 and Rs288 in the interbank market while reaching Rs295 in the open market.

Dealers in foreign exchange believe that a speculative claim regarding a $1 billion pledge by the UAE caused the market to rise. Regarding influxes from the UAE, there was, however, no confirmation.

The Exchange Companies Association of Pakistan said that the dollar price for the banking market was Rs289 and the open market was Rs294 at the time of writing.

The Ramazan factor increased inflows, but it had little positive effect on the local currency.