KARACHI: The Pakistan rupee strengthened by 0.49 paisas against the US dollar in interbank trading on Tuesday, ARY News reported.
According to the Forex Association of Pakistan (FAP), the US dollar closed at Rs 175.71 as compared to the previous day’s closing of Rs 176.20.
The buying and selling rates of dollars in the open market were recorded at Rs 176.6 and Rs 178.1 respectively.
Similarly, the price of the euro was appreciated by 71 paisas and closed at Rs 199.04 against the last day’s trading of Rs 198.56, according to State Bank of Pakistan (SBP).\
On Friday, Adviser to the Prime Minister on Finance Shaukat Tarin blamed speculators (satta mafia) for devaluation of the local currency.
Read More: Speculators behind rupee free fall, says Shaukat Tarin
Speaking to the media, Tarin said, “the real effective exchange rate of the dollar, experts say, should be around Rs165-67.” If the greenback is trading as high as Rs176 in the interbank market, then the rupee is undervalued by almost Rs10, he added.
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