Rupee recovers 2.2pc against dollar: Dawn

KARACHI, Oct 20: The State Bank on Monday entered the exchange rate market with such strength that the rupee recovered 2.2 per cent against the dollar.

The rupee made recovery after long time as it has been falling frequently against the greenback.

Currency dealers provided different figures of dollars injected by the SBP in the market ranging from $100 million to $275 million. However, the SBP only confirmed its intervention without providing any details of the amount injected.

“The rupee surprisingly recovered from 83 to 81 against the greenback,” said a currency dealer, who believed that the SBP pumped $275 million during the trading.

However, others said the amount was not more than $100 million.

Currency dealers were surprised as to why the SBP intervened while its own reserves were falling.

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