The currency gained as much as 5.4% in intra-day trading, appreciating to Rs121 against the dollar at one point. State Bank of Pakistan (SBP) spokesman Abid Qamar confirmed the rupee gained strength in the inter-bank market. We don’t report fluctuations.”The rupee, however, edged lower at the end of trading, closing with a gain of 2.2%, according to the central bank. The currency has been on a downward spiral for the past several months, as a widening current account deficit takes toll on foreign exchange reserves. A currency dealer at the Dollareast Exchange Company said the open market was currently awaiting clarity on the exchange rate.

Source: The Express Tribune July 30, 2018 06:33 UTC