Rupee sheds another three paisa against US dollar

The value of Pakistan rupee depreciated by three paisa against the US dollar in interbank trading on Thursday, as it closed the session at Rs225.43 with a cumulative loss of 49 paisa during the current week.

As a result, the dollar was available for Rs225.43 in interbank trading while the exchange rate in open market hovered around Rs232.19 to Rs234.52 which translates into a persistent Rs8 to Rs10 gap when compared between the two.

The reduced rate of depreciation came as the Pakistan Stock Exchange made a much-wanted recovery Thursday as the benchmark KSE-100 Index was up by 495.44 points, 1.26 percent, a development that came after three consecutive sessions of huge losses.

By the time trading ended, the KSE-100 Index was recorded at 39,838.33 as investors opted for value buying since the shares are being traded at their lowest.

On Wednesday, the rupee was down by 28 paisa against the US dollar in interbank trading and settled at Rs225.4 per compared to the previous closing of Rs225.12. It was a continuation of what we had witnessed Tuesday when the rupee had shed 18 paisa.

As far as the other two top currencies are concerned, the rupee made an 87-paisa gain against the British pound and closed at Rs273.06 per against the previous closing of Rs273.93 in interbank rate.

On the other hand, the local currency was down 23 paisa against the pound sterling with a closing value of Rs273.93 in interbank trading. The rate in the previous session was Rs273.7.

But the local currency continued losing ground against euro which was up by 28 paisa to close at Rs239.79 when compared with Wednesday’s value of Rs239.51.


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