Steady recovery of rupee continues

ISLAMABAD - Paki­stani rupee on Thursday witnessed the seventh consecutive recovery ses­sion as it gained 87 paisas against the US dollar in the interbank trading and closed at Rs297.95 against the previous day’s closing of Rs298.82. However, accord­ing to the Forex Association of Pakistan (FAP), the buy­ing and selling rates of the dollar in the open market stood at Rs297 and Rs300 respectively. The price of the Euro decreased by Rs 1.08 to close at Rs319.88 against the last day’s clos­ing of Rs320.96, according to the State Bank of Pakistan (SBP). The Japanese Yen remained unchanged and closed at Rs2.02, whereas a decline of 48 paisas was witnessed in the exchange rate of the British Pound, which traded at Rs372.12 as compared to the last closing of Rs372.60. The exchange rates of the Emir­ates Dirham and the Saudi Riyal decreased by 23 paisas each to close at Rs81.12 and Rs79.43 respectively.