Rupee continues upward march against US dollar on fifth consecutive day

KARACHI: According to data released by the State Bank of Pakistan (SBP), the dollar appreciated by 0.52% on Friday as it gained Rs1.18 against the US dollar. The central bank said that on Thursday, the interbank market had closed at Rs229.63. On Friday, the market closed at a rate of Rs228.45.
This did show a slowdown in the rate of the rupee increasing in value from earlier in the week when the rupee was appreciating by singular percentage point or multiple percentage points daily. However, on Friday, that rate slowed to under a percentage point. Earlier during early morning trading, the rupee had gained over Rs1.63 against the US dollar, dipping to sub Rs228 levels at one point.
On Wednesday, the rupee had appreciated to around Rs232.12 during intraday trading in the interbank market. Since the beginning of the week, the rupee has made cumulative gains of around Rs11.2. Open currency market In the open market, the price of a single dollar fell to Rs228 on Friday as the rupee continued to perform strongly. In the open market, the price of a single dollar fell to Rs228 on Friday as the rupee continued to perform strongly. – NNI