Economics & Business

SBP injects $100 million in market

KARACHI: 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 a private TV channel 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 Rs78.50 in the inter-bank and at one point its value hit Rs80. In result, the central bank injected $100 millions in the market. The dollar is now being traded at Rs79.55 after the central bank’s intervention.-ONLINE

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Nabeel Malik

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