SBP injects $100 million in market

The State Bank of Pakistan (SBP) has injected U.S. $100 million in inter-bank market to stabilize value of rupee against dollar. SBP spokesman, Syed Waseem Uddin told media that central bank intervened in inter-bank market to stabilize the value of rupee against dollar. He, however, declined to comment on value of dollars injected in inter-bank market. According to Forex market sources, the dollar was being traded at Rs 78.50 in the inter-bank and at one point its value hit Rs 80. In result, the central bank injected $100 millions in the market.