Pak Rupee improves by 2.4% against dollar
May 26th, 2008 | By Ibrar Agha | Category: BusinessISLAMABAD, May 23 (APP): The rupee value regained strength by 2.4 percent in the inter-bank market on Friday following the State Bank of Pakistan’s further hardening of the monetary policy and imposition of 35 percent cash margin on LCs for import.
At the outset of Friday’s trade the dollar sold cheaper by Rs 1 at Rs 68.90 and further decline continued. The dollar grew further weak by paisas 70 towards to the close and finished at Rs 68.20.
Overall 2.4 percent decline was witnessed in the rupee value of dollar on Friday.
The forward buying of dollar has also stopped after imposition of cash margin condition, the Forex market sources told Geo News.
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