KARACHI: The Pakistani Rupee (PKR) recovered against the US dollar in the interbank foreign exchange market on Wednesday, ARY News reported, quoting SBP.
According to the State Bank of Pakistan report, the PKR gained Rs0.79 against the greenback in the interbank market to close at Rs 287.18.
The local unit closed at Rs287.97 the other day.
Interbank closing #ExchangeRate for today https://t.co/bCE39AUrIe#SBPExchangeRate pic.twitter.com/wYKKMjGfY3
— SBP (@StateBank_Pak) June 14, 2023
Meanwhile, in the open market, the rupee gained Rs4 and is being sold at Rs294.
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This positive trend in the rupee’s value can be linked to the introduction of Russian crude oil, which is substantially more affordable than oil available in international markets.
Pakistani refineries have begun utilizing this cost-effective resource for the production of various end products.
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