Rupee Recovers by 0.03% Against Dollar In New High

china dollar

KARACHI:In the interbank market on Monday, the rupee rose by 0.03%, or Rs0.09, to a new one-month high of Rs259.92 against the US dollar, continuing its upward trend for the fourth day in a row.

During the day, the domestic currency saw a sharp recovery against the US dollar of 1.1%, or Rs3, to Rs265 on the open market.Read More…

China gave Pakistan $700 million to help it through these trying times, which resulted in the most recent appreciation of the local currency. Pakistan’s foreign exchange reserves stabilized to a six-week high of $4 billion as a result of the assistance, reducing the country’s high risk of defaulting on foreign debt repayments.Read More….

The rupee has recovered 6.4% (or Rs16.66) since its all-time low on February 3, 2023, when it was trading at Rs276.58/$ in the interbank market.