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US dollar falls below Rs 160 mark in interbank market

US dollar falls below Rs 160 mark in interbank market

KARACHI: The Unite States dollar has slipped below Rs 160 mark in the interbank market and reached the value at which it was traded on March 24.

The greenback declined by Rs1.17 as the activity started today and traded around Rs159. The US dollar had touched its peak of Rs167.89 on April 7 and the rupee has appreciated by Rs8.89 or 5.2 percent since.

It is pertinent here to mention that reduction in the US dollar against the Pakistani rupee will provide debt relief by Rs950 billion to the federal government.