Karachi: The rupee has appreciated against the dollar in interbank rates, by 3.1% or PKR 4, according to a news report. There was a high margin of profit in trading as some exchange companies bought the dollar at as low as PKR 115-16, but sold it in the range of PKR 120-22.
Soon after the general elections held on 25th July, the exchange rate started to move in favour of the rupee. During the FY18, the rupee was devalued by over 20% to correct the economy, but the recent devaluation of dollar reflects market sentiments and the direction in which the economy is going.
During trading, there was an unusual gap of PKR 4 as buying and selling rates were PKR 118 and PKR 122. According to Forex Association of Pakistan President Malik Bostan, such a situation has seldom existed in the market before. The market was primarily engaged with dollar sellers, while there were only 10% dollar buyers.