Pakistani rupee appreciated Rs1.79 against dollar

The Pakistani rupee rose by Rs1.79 against the US dollar in the interbank market on Tuesday.

According to forex dealers, the rupee appreciated by Rs1.79 and currently trading at Rs161.70.

The Pakistani rupee also registered 08 paisa appreciation in its value against the US dollar in the interbank market on Monday.

The local unit appreciated by 08 paisa to 163.49 against the greenback.

The Pakistani rupee continues to registered gains after the State Bank of Pakistan (SBP) last week further slashed its key interest rate by two per cent (200 basis points) to nine per cent in wake of the worsening outlook for global and domestic economic activity due to the coronavirus pandemic.

Over the past one month, the central bank’s key interest rate has seen a cumulative reduction of 4.25 per cent.