Sunday, May 9, 2021

Rupee gain momentum against USD

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]
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Pak rupee gained one paisa against the US dollar to close at Rs138.57 on Thursday compared with the last closing of Rs138.58. However, the rupee gained 40 paisas against the greenback in the cash free market.

 

With the recent reforms package announced by the government, rupee has been gaining against the US dollar. Moreover, the exports have recorded mild upward trend in the past quarter.

NBFI

 

This coupled with inflows from friendly countries have lifted market sentiments, Malik Bostan Khan, President Forex Association of Pakistan (FAP) said.

 

The buying and selling of US dollar  was recorded at Rs137.80/Rs138.30 as against Rs138.20/137.70 in cash free market.

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