On Tuesday, open market dealers were buying the dollar in the range of Rs108-122 and selling it in the Rs122-124 bracket. Meanwhile, the State Bank of Pakistan (SBP) reported that the rupee further strengthened by 0.68% (or Rs0.86) to Rs124.18 against the US dollar in the inter-bank market. Rupee appreciates against US dollar in open- and inter-bank marketsCumulatively, it has recovered 3.36% in the past seven days from Rs128.5 on Monday last week. Another open market dealer said many dealers had sold their dollar holdings in the inter-bank market in the absence of buyers at exchange companies. However, majority of the currency dealers may have sold dollars at higher rates despite a significant drop in demand for the greenback.

Source: The Express Tribune August 01, 2018 03:18 UTC