business

June 29, 2019

SBP intervenes with ‘sizeable amount of dollars’ to defend rupee

KARACHI: The rupee rebounded sharply on Friday, posting its biggest daily percentage gain against the dollar in years after the central bank sold foreign currency in “quite a sizeable amount” to pull the exchange rate back from an all-time low, traders said.Domestic currency closed at 160.05/dollar, 2.43 percent stronger than Thursday’s close of 164.05 in the interbank market. In the open market, it gained Rs3.50 to close at 161 against the dollar from 164.50 in the previous...