The speculative and panic buying of dollars by importers in the inter-bank market jolted the open market as well where the local currency breached the Rs170 mark and stood at Rs170.6 at the end of the day, according to forex.com.pk. “The rupee has overshot expectation,” Pak-Kuwait Investment Company Head of Research Samiullah Tariq said while talking to The Express Tribune. “The improvement in REER suggests that the rupee has bottomed out at the current level. The rupee value had been higher in the open market compared to its parity in the inter-bank market before the fall of Kabul to the Taliban a month ago. “Now, the rupee is weak in the open market as compared to inter-bank,” he said.

Source: The Express Tribune September 16, 2021 03:22 UTC