Pak-rupee recovers vs greenback in Interbank market, closes at Rs 137.50
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KARACHI: Pak-rupee regained on the first trading day Monday against the US dollar recovering around 1% or Rs 1.87 in the inter-bank market, closing at Rs 137.50, said treasury source in two different banks.
A treasury banker who requested not to disclose his named said, “the rupee had nosedived against the dollar on Friday due to one of the banks’ requesting a big payment.”
Majority of the players in the interbank market are not aware regarding the Friday’s decline, but claimed that normally oil import payments tend to be made in the last days of every month.
But the bank officials firmly believed that SBP had intervened in the inter-bank market and the rupee’s recovery against the dollar was artificial and short-lived.
Moreover, the officials highlighted the government was mulling mechanism on how to operate the interbank market; whether should it be operated in a controlled manner or it is a free market where interbank players are responsible for deciding the rupee-dollar parity as per greenback supply and demand.
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