Rupee strengthens against dollar

KARACHI: Pakistani rupee strengthened against US Dollar during intraday trade on Thursday after opening trade at 277.35 in the interbank market.

Later, it remained in the same range between 12:30 PM and 3:15 PM with the interbank rate tipped by traders on Thursday to close above Wednesday’s drop.

Open market rates across multiple currency counters were stable in the 280-284 range.

At close, the PKR appreciated by 0.13 percent to close at 277.04 after gaining 37 paisas against the dollar.

The informal exchange rate had recovered massively and at 11:30 AM rose to the 279 level, before falling to 280.

Meanwhile, the rupee was bullish against all of the other major currencies in the interbank market. It gained 10 paisas against the UAE Dirham (AED), 10 paisas against the Saudi Riyal (SAR), and 12 paisas against the Pound Sterling (GBP).