Dollar rate: Pakistani rupee marginally gains after drop

Rupee remains stable at 177.98 against US dollar


Karachi: In the inter-bank market on Thursday, the exchange rate of the rupee against the US dollar remained stable at 177.98 rupees.

According to data from the State Bank of Pakistan (SBP), after the central bank raised the policy interest rate by 100 basis points to 9.75%, the local currency fell to an all-time low of 177.98 rupees a day ago.

The continuous surge in demand for U.S. dollars paid for imports has put pressure on local units. The inflows available in the market are not enough to meet the demand of the demand side.

“There is a mismatch between the demand and supply of the U.S. dollar. The central bank has not intervened in the market to support the currency,” said a foreign exchange trader.

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