US dollar rate in Pakistan declines by Re0.25 to Rs284 in open market on Dec 22

KARACHI: The US dollar rate in Pakistan experienced marginal loss by Re0.25 (25 Paisa) to Rs284 in the open market on Friday (Dec 22).

During the day, currency dealers said that the rupee was being quoted at 284 for selling and 281 for buying purposes for customers.

At the end of trading, the currency closed at the same rates, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

On Thursday, it had settled at 284.25 for selling and 281.25 for buying purposes.

However, the local currency also strengthened in the inter-bank market.

In the inter-bank market, the rupee continued its upward climb against the US dollar for the ninth successive session as it appreciated 0.09% on Friday.

As per the State Bank of Pakistan, the local unit settled at 282.53 after an increase of Re0.26 against the greenback.

Experts said that the stability in the currency comes on account of funding from multilateral including the World Bank approval of $350 million in financing for Pakistan to support fiscal and competitiveness reforms.