Islamabad (LTN NEWS): The rupee earned substantial gains against the US dollar in the interbank market today, the rupee appreciated more than Rs9 in the intraday trading and is being quoted at Rs217 per USD as purchasing rate and Rs220 as the selling rate in the open market.
The rupee has recovered for a fourth consecutive session following weeks of continuous falls in its value which has been mostly ascribed to the easing in import payments.
The SBP interbank closing rate recorded Rs224.75 per USD as buying rate and Rs225.25 as the selling rate.
With the latest day-to-day gain, the rupee has gained 0.65%, or Rs1.56, over the last three working days. Earlier, the currency fell by a total of 13.75 percent, or Rs31.31, in the 10 working days before last Thursday. It hit an all-time low of Rs239.94 against the dollar.
Analysts said that the rupee was able to close up after Bloomberg reported that the IMF’s country representative said Pakistan had met the last prior action for the combined seventh and eighth review after the petroleum development levy went up on July 31.
On Thursday, the value of the dollar seen decreasing at the beginning of the business.
At the start of business, the dollar fell by another 5 rupees to 79 paise and the dollar stood at 223 rupees.
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