KARACHI: The Pakistani rupee extended an upward trend against the US dollar in the interbank market at the start of today’s trading, ARY News reported on Tuesday.
According to forex dealers, the local unit appreciated by 0.35 rupees versus the greenback in the interbank market to trade at Rs198.71.
The dollar had closed at Rs199.06 against the Pakistani rupee the other day.
— SBP (@StateBank_Pak) May 30, 2022
The rupee, which had been under immense pressure since the coalition government took office in April, bounced back on May 27 after the federal government hiked fuel prices to meet the International Monetary Fund (IMF) conditions.
It is pertinent to mention here that the federal government on Thursday increased petrol and diesel prices up to Rs30 per litre to reduce fuel subsidies.
Finance Minister Miftah Ismail made the announcement at a press conference. He announced to hike the petrol, diesel, light diesel and kerosene oil prices up to Rs30 per litre.
After the recent hike, the new price of petrol is Rs179.86 per litre, high-speed diesel (HSD) Rs174.15, kerosene oil Rs155.56 and light diesel Rs148.31 rupees.