US dollar surges against PKR in interbank market

Business Report

KARACHI: The United States (US) dollar gained 0.19 paisa against the Pakistani rupee at the start of day’s trading on Monday.

According to forex dealers, the greenback is trading at 166.40 against the domestic currency at the interbank foreign exchange market.

Last week on Thursday, the exchange rate of Pakistani rupee strengthened by Rs1.45 against the US dollar in the interbank market.

The greenback closed at Rs166.60 against the domestic currency at the interbank foreign exchange market.

Asian markets rallied out of the blocks Monday, with further signs of economic recovery continuing to resonate with investors more than a surge in coronavirus infections across the planet.

The easing of lockdowns is providing hope the global economy will bounce back from an expected recession this year.

Traders have piled back into stocks in a major way in recent months — with the help of vast government and central bank support — with analysts suggesting the gains are also being helped by a fear of missing out on the rally.