Rupee posts biggest single-day gain against US dollar

KARACHI: The Pakistani rupee jumped 0.60 per cent against the United States (US) dollar in the interbank market on the last working day of the week.

The domestic currency today rose Rs1.04 paisas against the greenback, which is the biggest single-day rise since November 17.

Also Read: Foreign exchange: SBP reserves go down by $463mn in a week

According to the data shared by the State Bank of Pakistan (SBP), the rupee closed at Rs174.48 against the dollar, compared to the previous close of Rs175.52.

Interbank closing #ExchangeRate for today: https://t.co/8mdHQB3NXp pic.twitter.com/XKVchDvYGO

— SBP (@StateBank_Pak) February 4, 2022

The rupee had appreciated by 0.51 per cent or 89 paisas against the greenback the other day.

Also Read: IMF okays $1bn loan tranche for Pakistan

The rupee made sharp recovery after the International Monetary Fund (IMF) approved a $1 billion loan tranche as part of the Extended Fund Facility (EFF).

On Feb 2, Finance Minister Shaukat Tarin announced that the Fund board has approved a 6th tranche of its programme for Pakistan.