Rupee appreciates by 82 paisas in interbank market

KARACHI: The Pak Rupee appreciated by 82 paisas against dollar on Friday owing to improved economic indicators.

The rupee ended Rs157.42 to the dollar from previous day’s closing of Rs158.24 in interbank foreign exchange market.

The rupee made significant gain earlier in the day and gained Re1 in its value owing to better economic indicators.

The foreign currency market was initiated in the range of Rs157.45 and Rs157.55. The market recorded day high of Rs157.90 and low of Rs157.24 and closed at Rs157.42.

Currency experts said that positive economic indicators and sharp recovery in the stock exchange boosted the confidence of the investors.

Besides, contraction in current account deficit also helped the rupee to recover against the greenback.

The rupee witnessed sharp decline against the dollar in the past two years. However, for the last few days the local unit was making recovery gradually.

The exchange rate in open market also witnessed appreciation in rupee value. The buying and selling of dollar was recorded at Rs157.30/Rs157.80 from previous day’s closing of Rs158.20/Rs158.70 in cash ready market.

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