SBP's intervention strengthens rupee

According to State Bank of Pakistan, after the intervention of the bank and to provide liquidity to exchange companies, the rupee recovered vs dollar. Value of dollar has reached below Rs 88.5 in open market.According to experts, steps taken by the bank will help to strengthen rupee, adding that the market remained calm on Wednesday that also helped the rupee regain most of what it had lost in the last few days.The SBP also injected dollars into the open market on Tuesday through exchange companies to counter panic buying.Value of rupee has been decreased by 2 percent in current fiscal year.