Pakistan rupee continues to recover in interbank
- By Anjum Wahab -
- May 26, 2023
KARACHI: Pakistani currency maintained its upward trend for the fourth consecutive working day against the US dollar in the interbank market, ARY News reported on Friday quoting SBP.
According to the State Bank of Pakistan, the local unit (PKR) recovered Rs0.59 against USD to close at 285.15. The US dollar closed at Rs285.74 the other day.
Meanwhile, the dollar is being sold at over Rs300 in the open market.
Interbank closing #ExchangeRate for todayhttps://t.co/vbNbrLpAuB pic.twitter.com/qmNyJmkUUS
— SBP (@StateBank_Pak) May 26, 2023
The rupee finished at a record low of 298.93 against the US dollar last week.
Experts believe the variation in dollar rate was witnessed following a deadlock over the IMF deal and ongoing political unrest in the country.
Following the delay in the revival of $6.5 billion International Monetary Fund (IMF) bailout programme, Pakistan is now looking towards friendly countries for more funding.
The staff-level agreement between International Monetary Fund and Pakistan is being delayed from February 9.