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Rupee strengthens in inter-bank, weakens in open market

Rupee strengthens in inter-bank, weakens in open market

KARACHI: The Pakistani rupee strengthened in inter-bank against US dollar on Wednesday, after many days downtrend in market due to floods and political chaos in the federal capital.

As per details, the US dollar weakened 20 paisa to reach 102.5 in inter-bank and strengthened 5 paisa to 102.9 in open market against Pakistani rupee on Wednesday.

On Tuesday, the US dollar strengthened 30 paisa to reach 102.7 in inter-bank and weakened 5 paisa to reach 102.85 in open market against the US dollar.

Financial experts were of the view that local currency is improving its value as dealers are hoping improvement on political front and leaders of the protesting Pakistan Tehreek-e-Insaf (PTI) are still hoping for resumption of meaningful talks with the government to address the party’s concerns regarding electoral rigging. “Rupee remained under pressure for the last few days ahead of the two installments worth $57 million on September 17 and $147 million on September 26 to the International Monetary Fund (IMF) under the standby arrangement facility,” they added.

Dealers said the market is thought to remain volatile due to the ongoing political turmoil which warranted investors and traders.