Rupee gains strength as USD decreases to Rs 148.70 in interbank market

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ISLAMABAD: The US dollar’s price in the interbank market came down a notch on Thursday as it was being traded in at Rs 148.70.

The American dollar’s price decreased by Rs1.70 in the interbank market. The decrease in price also impacted the price of the dollar in the open market, as it came down by Rs0.50 to stand at Rs149.50.

According to a report in Dawn.com, the State Bank’s off-the-record warning to commercial banks to not dollar played a role in stabilising the rupee. Sources were quoted in the report as saying that some stability had returned in the open market after external payments had been made.

The value of the dollar established in the interbank market at Rs150.22 — down Rs0.78. It, however, remained stable at Rs150 in the open market, on Wednesday.

Analysts were hopeful that the inflow of remittances would also push the rupee to bring down the price of the dollar.

Prime Minister Imran Khan had said on Wednesday that the economic crisis in Pakistan would be over by July-August.

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