Foreign Currency

Rupee rises, but market gap widens


Currency remains on winning streak for 4th straight day

KARACHI:

Pakistani currency rose to over three-month high at slightly below Rs279.50 against the US dollar in the inter-bank market on Friday, maintaining its winning streak for the fourth consecutive working day in the wake of increase in supply of foreign currency.

In the open market, however, the currency continued its downturn for the second successive day as it stayed above Rs281 against the greenback.

Accordingly, the difference between currency values in the two markets kept on widening, which triggered some concern. Earlier, a significantly larger spread had made the currency volatile in September last year.

Read Rupee stays at three-month high

According to SBP data, the rupee ticked up 0.03%, or Rs0.07, on a day-on-day basis in the inter-bank market, and closed at Rs279.41/$.

Exchange Companies Association of Pakistan (ECAP) reported that the local currency dropped a fresh 0.04%, or Rs0.13, to close at Rs281.21 in retail trade.

The movement in the rupee value in opposite directions in the inter-bank and open markets caused the widening of difference to 0.64%, or Rs1.80.

Published in The Express Tribune, February 3rd, 2024.

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