Rupee continues upward trend as US dollar slides to Rs150.50 in open market

US dollar drops to Rs149.74 at the interbank and Rs150.50 in open market

Web Desk

KARACHI: The Pakistani rupee continued its slow but steady recovery against the US dollar on Monday as the greenback fell by Rs1.16 at interbank to close the day at Rs149.74.

Monday was the third straight day that the Pakistani currency recovered at the interbank and open market against the US dollar since it slipped to record lows against the greenback the previous week.

The US currency has slipped by Rs2.21 at interbank in the last three sessions.

A similar downward trend was witnessed in the open market, where the UD dollar was down by Re1 to settle at Rs150.50.

Like the interbank, the rupee has continued its slow but steady recovery in the open market with the dollar down by Rs3.50 in the last three sessions.

Earlier this month, the rupee registered record lows against the US dollar following the announcement of a $6 billion bailout agreement with the International Monetary Fund foreseeing a "market-determined rate" for the Pakistani currency.

Since last week, the rupee lost 3.74% against the dollar in the interbank market, with the currency cumulatively losing 37.45 since January 2018.