Rupee remains stable at interbank opening

KARACHI: Pak Rupee remained stable without major changes in early trade at the interbank foreign exchange market on Wednesday.

The dollar is being traded at Rs174.30 at the opening of the interbank market. The exchange rate was closed at Rs174.30 on Tuesday, November 23, 2021.

The local currency recorded no major changes against the last day closing of the interbank market as it was helped by reduced dollar demand from importers and positive sentiment amid the revival of the International Monetary Fund (IMF) $6 billion Extended Fund Facility.

Read more: SBP directs banks to tighten internal controls for rupee stability

Analysts said that a slowdown was seen in the demand for the foreign currency from importers and the corporates, while the exporters sold dollars, which helped the rupee in keeping a stable position at the opening of the interbank market.

The foreign currency reached an all-time high of Rs175.73 on November 7.

The buying and selling of the dollar at the open market was recorded at Rs175.5 and Rs177.