The rupee made a strong recovery in the interbank market on Wednesday, rising by more than Rs10 against the dollar.
According to the Forex Association of Pakistan (FAP), the rupee gained 88 paise by 9:50am to reach Rs237.5 compared to yesterday’s close of Rs238.38.
Later, the local currency recovered further and was being traded at Rs228 around 12:50pm, up Rs10.38 compared to yesterday’s close, according to Mettis Global — a web-based financial data and analytics portal.
FAP Chairperson Malik Bostan said that the lower import bill for July had helped reduce the country’s trade deficit, which in turn had eased the pressure on the rupee.
