KARACHI: The rupee ended a multi-day losing skid on Friday by slightly closing the session stronger against the US dollar, largely due to wagers on financial support from allies and multilateral lenders, according to traders.
The rupee appreciated by Re0.03, or 0.01%, in the interbank market to settle at 221.92 versus the dollar, according to the State Bank of Pakistan (SBP). On Thursday, it closed at 221.95 against the dollar.The local currency fell by Re0.52 or 0.23% on Wednesday, ending the day at 221.95 per dollar.
Additionally, since Federal Reserve Chair Jerome Powell hinted that US interest rates will probably peak at a higher level than markets anticipate, the dollar has been strengthening against other major currencies.
