Pakistani rupee slightly recovers against USD after touching record low

0 Comment(s)Print E-mail Xinhua, September 6, 2023
Adjust font size:

ISLAMABAD, Sept. 6 (Xinhua) -- The Pakistani rupee slightly recovered against the U.S. dollar after touching a record low, as the greenback was traded at 306.98 rupees in the interbank market on Wednesday, according to the State Bank of Pakistan.

The U.S. dollar closed at a record high of 307.10 rupees on Tuesday. On the third session of the week, the local currency appreciated by 0.12 rupees against the U.S. dollar.

The open market has been experiencing significant decrease in the value of the rupee for the last few sessions.

"The rupee is dropping in the open market due to a fire sale," Sajid Amin Javed, an economist at the Sustainable Development Policy Institute, a local think-tank, told Xinhua.

When holders of the dollar, particularly speculative buyers, feel that the rate has achieved the optimum level, they clear their stocks, he said.

"We must be ready for another surge soon," he said. Enditem

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter