Rupee strengthens against dollar in interbank market

The Pakistani rupee on Monday continued its winning streak against the US dollar as the local currency gained 39 paisas against the greenback in the interbank market.

According to forex dealers, the dollar lost 39 paisas to the Pakistani rupee in the interbank market and is currently being traded at Rs220.45.

The dollar is being sold between Rs226 to 229 in the open market, the forex dealers said.

On Friday, the local currency closed at Rs220.84 after appreciating 0.11 paisa from yesterday’s close of Rs220.95.

Earlier, it emerged that the money exchange companies have decided to cap currency rates in a bid to stabilise the Pakistani rupee against foreign currencies.

According to details, the money exchange companies have decided to cap currency rates to devaluate other currencies, including the US dollar.

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