Pakistani rupee maintains upward trend against US dollar in interbank

KARACHI: The Pakistani rupee continued its upward momentum against the US dollar, appreciating 0.38% in the interbank market on Thursday.

According to the State Bank of Pakistan (SBP), the local unit currency closed at 264.38 against the US dollar, appreciating an increase of Re1.

The greenback had closed at Rs265.38 a day earlier.

Interbank closing #ExchangeRate for todayhttps://t.co/KESQ4UY31Y pic.twitter.com/yIH0D4Om64

— SBP (@StateBank_Pak) February 16, 2023

The currency (Pakistani rupee) has depreciated by 22.4% during the ongoing fiscal year against the greenback.

The US dollar has gained over Rs30 in the interbank market since the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.

The rise is attributed to the resumption of $7 billion Extended Fund Facility (EFF) stalled for months.

The lender and Pakistan moved closer to the revival of their loan prgramme as Islamabad agreed to several conditions put forward by the IMF.